Gazprom says to cut Gazprombank holding to 25 pct

MOSCOW, June 26 (Reuters) - Russian gas export monopoly Gazprom (GAZP.MM) is to cut its stake in Gazprombank, once its main banking arm, to 25 percent from 42 percent, Gazprom's chief financial officer said on Thursday.

Andrei Kruglov told a news conference the move was part of Gazprom's programme to sell non-core assets.

"The volumes of Gazprom's net debt as of the end of 2008 will not change and stay at $37 billion. In case of the deconsolidation of Gazprombank it will fall by $6.5 billion," he said.

Gazprom has accumulated heavy debt following aggressive acquisitions over the past two years, including oil firm Sibneft, now called Gazprom Neft (GAZP.MM), a share in the Sakhalin-2 project and power generating assets.

"We plan to refinance or redeem with our own funds the bulk of credits raised in 2007," said Kruglov.

Gazprom plans to borrow 90 billion roubles ($3.81 billion) this year. It has already raised $1.1 billion via a Eurobond issue in April. (Reporting by Vladimir Soldatkin; Writing by Dmitry Zhdannikov; Editing by Erica Billingham)