Gazprom will invest $420b in gas industry by 2030 to meet demand

Russian gas monopoly Gazprom will invest $420 billion in the gas sector by 2030 to ensure enough supplies to the domestic market and exports, its chairman said in remarks published yesterday.

“It is an average of $18 billion per year. We have the money and it will be invested,” Dmitry Medvedev told the Vedomosti daily in an interview.
Medvedev rebutted criticism that state-controlled Gazprom was investing too little in production and instead chasing after acquisitions – including taking control of the Sakhalin-2 and Kovykta gas projects previously run by Western oil majors.

He said that joint ventures and asset swap deals with foreign partners would help ensure that Gazprom, the world’s largest gas company, can supply the market in full.

“Fears that there will be a deficit of gas on the Russian market are groundless,” he said in an interview. “There is only one gas shortage – for those who want to buy it on the cheap.”

Gulf News