Aug 22. Gazprom's record high investment program for 2008, which was increased by 16% in early summer, could be revised again in the near future and raised by another 25%, the company's deputy chairman Valery Golubev said. Initially, the gas giant's investment program for 2008 was approved at RUB 710 bn. In June the company's BoD greenlighted a rise to RUB 822 bn. Taking into account the announced increase, the program could exceed RUB 1 tn (USD 42 bn). Earlier, British-Dutch Royal Dutch Shell was considered to allocate the highest investments for 2008 (up to USD36 bn). However, the new figure announced by Gazprom on Thursday leaves Shell far behind in terms of investments. Golubev said at the meeting devoted to gasification in the Leningrad region on Thursday that Gazprom's BoD plans to address the adjusted investment program for 2008 in September. "The revision to the investment program for 2008 has not yet been approved. However, it has been documented and is to be addressed in September" – he said. When asked by what amount the program could be increased Golubev responded, "Considerably. By about 25%". The company's deputy chairman explained a potential increase in the investment program by stronger gas sales and favorable market conditions. Golubev suggested that in 2009 Gazprom's investment program could be raised by another 20% compared to the revised 2008 program.