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Why Gazprom increases investments in Power of Siberia pipeline construction

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Why Gazprom increases investments in Power of Siberia pipeline construction

This year, Gazprom, a Russian oil giant, intends to increase investments in the construction of Power of Siberia pipeline and to build over 600 kilometers of its route.

This is what a member of Gazprom’s Board of Directors, Oleg Aksyutin, said at Investor’s Day in Singapore yesterday. According to him, as of the 1st of January, 2017, some 490 kilometers of new high-capacity pipeline have been build. This pipeline’s section will supply gas from Chayandinsky field in Yakutia and Kovyktinsky field in the Irkutsk region of Russia to China.

In 2017, investments in Power of Siberia pipeline have been increased up to 158,811 billion rubles from 76,162 billion rubbles. The contract concluded with Chinese CNPC envisages that over the course of 30 years, 38 billion cubic meters of gas will be delivered annually through the Eastern route. The contract is estimated at $400 billion.

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