Gazrpom invests big in Sakhalin

Sept. 17, 2012 at 8:22 AM

MOSCOW, Sept. 17 (UPI) -- Russian energy company Gazprom announced plans to invest more than $14 billion on projects in the Sakhalin region of the Far East.

Gazprom Chief Executive Officer Alexei Miller met with delegates from the region in Moscow to discuss energy projects in the east.

"Miller emphasized that implementation of projects in Eastern Russia was the company's top priority," said Gazprom in a statement.

The company said it aims to invest more than $14 billion on a variety of developments in the region, including offshore production and liquefied natural gas.

More than 85 percent of deliveries of LNG from Gazprom were to Asia-Pacific countries in 2011. Gazprom delegates met with Japanese officials during the summer to discuss natural gas deliveries.

Japan imports all of its natural gas demands as LNG. Gazprom has focused more intently on Asian economies as European partners take steps to break the Russian grip on the regional energy sector.

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