Chilean forestry and paper company CMPC SA CAR.SN plans to invest around $340 million in 2008, and will scale back investment in coming years due to energy shortages, according to a Reuters report.

“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 said after a recent 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.