USD 69 Billion to Be Invested in Oil and Gas Fields in Yamal Peninsula

USD 69 billion will be invested in the development of oil and gas fields in the Yamal Peninsula over the following 20 years. Such was the statement made today at the opening of the All-Russian Oil and Gas Week by Alexander Ananenkov, Deputy Chairman of the Board of Gazprom, Russia's largest gas company.

Mr. Ananenkov also said that competitions would be held between Russia's and foreign largest companies to select investment projects for the development of individual fields and the creation of transportation and power infrastructures in the region. He continued to say that the first fields involved will be those located in the peninsula proper, later - on the shelf around it.

According to Mr. Annenkov, Gazprom will coordinate the programme, which will involve annual investments of about USD 3 billion.