Russia to fund 400 billion U.S. dollars on gas by 2030

10:48, October 12, 2010      

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Russian gas export may grow to 520 billion cubic meters by 2030 and Russia will invest over 400 billion U.S. dollars into the sector development, said Energy Minister Sergei Shmatko on Monday.

"In general, the volume of investment until 2030 is estimated at 12.3-14.7 trillion rubles (412-493 billion dollars) in fixed prices as of January 1, 2010," said the minister at a conference devoted to the development of Russia's gas sector.

The conference was chaired by Prime Minister Vladimir Putin in Novy Urengoi, Russia's "gas capital" in Western Siberia.

The Russian government will also adopt a general scheme of gas industry's development in the nearest future, said Deputy Prime Minister Igor Sechin at the meeting.

Russian gas monopoly Gazprom secured gas extraction of 216 billion cubic meters per year until 2030, the company's head Alexei Miller said.

Currently the annual capacity for Russian gas exports stood at 226 billion cubic meters.

Russia possesses 150 trillion cubic meters of proved gas reserves, taking up one third of the global reserves.

Source: Xinhua


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