Russ Oil-Gas

MOSCOW, August 10 (RIA Novosti) - Russian gas monopoly Gazprom announced Friday an increase in allocations for its 2007 investment program to 779 billion rubles ($30 billion), 47% more than the figure agreed on last December. The energy giant's revised investment strategy and budget for 2007 have been approved by the company's board of directors. Under the new document, capital investment for the year has been brought down by 7% to 335 billion rubles ($13 billion), while long-term investment spending has been raised 11% to 444 billion rubles ($17 billion). Gazprom cut budget income for the year down to 2.3 trillion rubles ($89 billion), 9% less than the earlier-approved amount. Loans will increase 366% to 420 billion rubles ($16.2 billion). The company said the changes in its investment program and budget were related to the purchase of stakes in Sakhalin Energy, the operator of the Sakhalin II oil and gas project in Russia's Far East, Belarusian pipeline operator Beltransgaz, and Mosenergo, the capital's territorial generating company. In addition, Gazprom said the changes followed a review of the company's investment projects and figures for the year.