Privatization chief Anatoly Chubais said Wednesday foreign companies are showing increasing interest in privatization and estimated that Western investment in Russian equities could top $4 billion this year. "This year we had dozens of serious investment decisions by huge companies like Procter and Gamble, Pepsi Cola," Chubais said. "By the end of 1994 we could have from $2 billion to as much as $4 billion foreign investment in Russian equities."Foreign investment last year was $1.5 billion, he said. "These are very serious companies which have decided to make equity investments in Russia through the privatization process," Chubais said. He gave no breakdown on foreign portfolio investments but Western investment bankers say it is probably split 50-50 between backdoor equity investments in privatized firms and dollar-denominated Vneshekonombank bonds issued last year at a total nominal value of some $8 billion.