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Gazprom Neft, the oil producing arm of Russian energy giant Gazprom,
Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on Monday it had plans to invest 17.6 billion ($718 million) in associated petroleum gas processing in 2008-2010.

"Today the company faces the task of achieving at least 95% of associated petroleum gas processing at all its deposits from 2011. Investment in the projects to utilize associated petroleum gas will help both achieve this target and contribute to creating a solid foundation for Gazprom Neft to increase oil output and raise its market capitalization," the company said in a statement.

Last year, the Russian-British joint oil venture TNK-BP also announced plans to spend more than $1 billion over the next five years on associated petroleum gas processing, reach an average gas processing level of 95% by 2011 compared with the current rate of 78.4%.


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