Gazprom investments increased in 2011

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MOSCOW, July 27 (UPI) -- Russian energy company Gazprom said it spent $242 million on research and development during the past year, a 12 percent increase from 2010.

Gazprom declared its investment activity increased last year. The revenue was invested in engineering of automated systems used in unmanned technology in natural gas fields. Further investments were carried out in the analysis of developing hydrocarbon fields in the permafrost regions and on the Russian continental shelf.

Russia has the world's largest natural gas reserves, accounting for about 25 percent of the proven reserves. Most of the natural gas is in Siberia and northern Russia.

The Organization of Petroleum Exporting Countries, in its monthly report for July, said the Russian economy expanded 4.9 percent during the first quarter of the year. The industrial sector is expanding despite slumping demand from weakened European economies. Gross domestic product is predicted a 3.4 percent in 2013, a 0.3 percent slowdown from this year, however.

Gazprom is the largest extractor of natural gas in the world.