UPDATE 1-Russia Gazprom plans $2 bln Eurobond in two tranches

* Gazprom to borrow up to $2 bln in Eurobond

* Eurobond to be issued in dollar and euro tranches

* Bookrunners are Morgan Stanley, JP Morgan, BNP, SG

(Adds quotes, background)

MOSCOW, July 3 (Reuters) - Russia's gas export monopoly, Gazprom (GAZP.MM), plans to issue a Eurobond in two tranches denominated in dollars and euros and worth up to $2 billion in total, banking sources told Reuters on Friday.

The monopoly plans to channel part of the proceeds to its oil arm, Gazprom Neft (SIBN.MM), to help it finance a buying spree [ID:nL1644094]

"For the dollar denominated tranch the bookrunners are JP Morgan and Morgan Stanley and for the euro-denominated, it's BNP Paribas and Societe Generale," one source in a major Western bank said.

A second source in a major Russian bank confirmed the plans, adding that the final size and duration for the both tranches will depend on market conditions.

Gazprom, which supplies a quarter of Europe's gas, is Russia's most indebted company, with debt of over $40 billion. This year it has to make principal and interest payments totalling around 380 billion roubles ($12.04 billion), of which 60 billion roubles have been already refinanced. [ID:nLP493343]

Gazprom last tapped the international debt market in April when it sold a $2.25 billion 10-year bond at 9.25 percent. [ID:nLH404495] (Reporting by Oksana Kobzeva, writing by Dmitry Sergeyev; Editing by David Cowell)