By RIA Novosti
Moscow : 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%.