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Gazprom Neft Plans $23Bln in Investments

Gazprom Neft, the oil arm of Gazprom, is expected to set aside more than $23 billion in 2013-15 investments, the company said in its presentation to investors Monday.

It said the 2013 investments will increase from $6.1 billion in 2012 to $7.4 billion. Gazprom Neft also earmarked $8.3 billion for 2014 and $7.3 billion for 2015 investments.

The company said it expects 2012 net profit to rise from $5.47 billion in 2011 to $5.71 billion, while revenues are expected to rise from $35 billion to $39.8 billion.

Gazprom Neft revised its 2011 revenue down from the $44 billion reported earlier, while the net income figure was revised up to $5.5 billion from the $5.4 billion announced earlier. (Reuters)

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