Chile forestry firm CMPC to invest $340 mln in '08

SANTIAGO, April 25 (Reuters) - Chilean forestry and paper company CMPC SA CAR.SN said on Friday it would invest around $340 million in 2008, and will scale back investment in coming years due to energy shortages.

"We are coming down from an average of more than $500 million (in annual investment) because we are coming out of a period of high investment," CMPC Chairman Eliodoro Matte told reporters after a shareholders' meeting.

Chile is among the world's five largest wood pulp exporters and CMPC is the nation's No. 2 pulp exporter after Copec COP.SN. CMPC also produces paper. Chile has been squeezed by an energy shortage that has forced industry to turn to expensive-to-run diesel generators. (Reporting by Manuel Farias, Writing by Simon Gardner)