Gazprom to double project investment

June 10, 2008 at 6:39 PM

MOSCOW, June 10 (UPI) -- The Russian state-owned gas giant Gazprom wants to double its investments in new projects in a move to overtake Royal Dutch Shell, a report said Monday.

On June 2, Shell chief Jeroen Van der Veer said his company plans to invest $27 billion in project investments. Gazprom Chief Executive Officer Alexei Miller, however, said at an energy conference in St. Petersburg his company wants to invest $30 billion to explore new fields and build gas pipelines in Europe, The Toronto Star reported.

Shell is the second-largest privately owned energy firm in the world -- ExxonMobil is the largest.

Tony Hayward, chief of the second-largest oil company in Europe, BP, said at the Asia Oil and Gas Conference in Kuala Lumpur Monday his firm plans to invest $22 billion in projects in 2008, the Star said.

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