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Tuesday, 02 December, 2008, 21:20 GMT | more >>

Gazprom ups spending forecast



By Upstream staff 

Russia's gas monopoly Gazprom said today it has raised its 2005 capital expenditure forecast by more than a quarter to $8.4 billion as it plans to start building a new pipeline to Europe ahead of schedule.

This month, Gazprom signed a deal with German utility E.On and Wintershall, a unit of German chemical maker BASF, to build a $4 billion pipeline in partnership from Russia to Germany under the Baltic Sea by 2010.

The Russian company said today it had raised its capex estimate for this year by 49.55 billion roubles ($1.75 billion) to 237.45 billion roubles ($8.39 billion) as it wants to start building the Russian onshore stretch of the Baltic pipeline as early as this year.


Monday, 19 September, 2005, 11:45 GMT  | last updated: Monday, 19 September, 2005, 11:45 GMT

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