Dousing the flames: Gazprom Neft is the latest producer to make moves towards slashing gas flaring
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Gazprom Neft spends big to cut flaring
Russian giant Gazprom's oil arm, Gazprom Neft , is planning to spend 17.6 billion roubles ($714.6 million) over the next three years in a bid to slash gas flaring, it said.
The company said in a statement it aimed to cut gas flaring to 5% of output by 2011, partly by building new gas processing and power generating facilities.
The company will start spending the cash this year, it added.