The oil arm of Russia's state-controlled natural gas monopoly says it plans investments of more than US$10 billion (€650 million) by the end of the decade.

The oil company, OAO Gazprom Neft, says the plan represents includes investments for this year that are 36 percent higher than a year ago. In all, the company is to invest some 267 billion rubles ($US11.2 billion, €728 billion) through 2010.

Gazprom Neft is Russia's fifth-biggest oil producer. Last year its output was more than 650,000 barrels a day. Company officials have said the aim to nearly triple that output by 2020.