UPDATE 1-Russia's Gazprom plans 40 pct capex rise in 2009

(Adds more figures, details)

MOSCOW, March 31 (Reuters) - Russia's gas export monopoly Gazprom (GAZP.MM) plans to increase capital investment by almost 40 percent to another record in 2009, to support production, while it significantly cuts spending on acquisitions.

Gazprom has prioritised equity investment over capital spending for several years because of major asset purchases, despite investor criticism over inadequate new-production investment amid stagnant mature-field output in Siberia.

In a memorandum on its upcoming bond issue, the world's largest gas producer said its capital investment is expected to rise to 669 billion roubles ($28.5 billion) in 2009, up 39 percent from the 479 billion roubles planned for this year.

In 2010, capital spending is set to grow to 850 billion roubles. Thus, Gazprom capex in 2009-2010 will top 1.5 trillion roubles ($65 billion).

Gazprom said the main investments are expected to be the implementation of key projects in gas transportation and production segments.

"Over several years, we must further improve our natural gas, gas condensate and crude oil production capabilities, and natural gas transportation system, to meet anticipated demand of customers in western Europe, Russia and certain FSU countries," Gazprom said in the memorandum.

It said it planned to provide annual production of 560-570 billion cubic metres (bcm) of gas by 2010, 580-590 bcm by 2020 and 610-630 bcm by 2030. It produced 548.5 bcm of gas last year.

Total investment will amount to 739 billion roubles in 2009 and 969 billion roubles in 2010.

NO MAJOR ACQUISITIONS PLANNED

Gazprom also said its long-term financial investments were expected to fall to 55.8 billion roubles in 2009 from 230.7 billion set for this year and 387 billion seen in 2007.

In 2010, Gazprom's long-term financial investments are likely to partially recover to 104 billion roubles.

Analysts, who often criticise Gazprom for not investing enough in new production projects, welcomed the shift from financial spending to capital expenditure in its core business.

But they said the numbers were still far too high.

"Although the reported figures suggest a positive shift from financial spending to spending on Gazprom's core assets, the $65 billion exceeds even our aggressive expectations for total capex of $59 billion in 2009-2010," Alfa-bank said in a research note.

Gazprom's 2007 financial investments soared after the firm agreed to buy 50 percent in the Sakhalin-2 oil and gas project previously led by Royal Dutch Shell (RDSa.L), for $7.45 billion, and a controlling purchase of Moscow utility Mosenergo.

Also last year, the gas company agreed to buy control in the Kovykta gas project from oil firm TNK-BP TNBPI.RTS, half-owned by BP (BP.L), but the sides have yet to reach final agreement on the deal's price.

Gazprom expects to pay $600-$800 million and TNK-BP plans to receive $700-$900 million.

Easily Russia's most indebted company, Gazprom said total debt amounted to $54.6 billion as of September 2007.

Gazprom's investment plans are regularly revised and approved by the state, even after the financial year is over. (Reporting by Tanya Mosolova; Editing by David Hulmes)