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Gazprom will double project investments


Toronto Star
Toronto Star

Gazprom will double project investments

Jun 10, 2008 04:30 AM

OAO Gazprom, Russia’s state-owned natural gas monopoly, plans to double project investment to $30 billion (Canadian) this year, which would allow the company to overtake a target set by Royal Dutch Shell PLC that the Anglo-Dutch company said was the largest in the oil and gas industry.

Gazprom will explore new fields and build pipelines to supply gas to Europe, CEO Alexei Miller said in a recent speech to a conference in St. Petersburg. Shell CEO Jeroen Van Der Veer on June 2 reiterated his company’s plans to invest $27 billion this year.

BP PLC, Europe’s second-largest oil company, plans to invest $22 billion in projects this year, CEO Tony Hayward said at the Asia Oil and Gas Conference in Kuala Lumpur yesterday.

Moscow-based Gazprom is boosting spending to find more gas as its Siberia fields become depleted.

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