MOSCOW, October 30 (RIA Novosti) - Russian oil pipeline monopoly Transneft posted on Friday a 5.6% decrease year-on-year in its net profit under Russian Accounting Standards to 2.6 billion rubles ($89.5 mln) in January-September.

The company will slash its investment program from the earlier announced 217 billion rubles ($7.5 mln) to 190-200 billion rubles ($6.5 bln-$6.9 bln) in 2010, vice president Vladimir Kushnaryov said.

Transneft President Nikolai Tokarev said earlier investment by 2020 would reach 700 billion rubles ($24 bln), while spokesman Igor Demin said the amount could be reviewed in the future.

Kushnaryov said investment would be used to increase the company's capacities.

"The company plans to extend pipelines by 13% within the next five years," he said.

Transneft owns around 50,000 kilometers (31,000 miles) of trunk oil pipelines and transports 93% of all crude oil extracted in Russia. The Russian government has a 78% stake in the company.