Russia's Gazprom plans new Pacific gas pipeline

AP News
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Posted: Oct 29, 2012 1:36 PM
Russia's Gazprom plans new Pacific gas pipeline

MOSCOW (AP) — Russia's President Vladimir Putin has given his blessing to a plan to invest tens of billions of dollars to tap a new natural gas field in Siberia and build a new pipeline for exports to Asia.

Putin met Monday with Alexei Miller, the CEO of state-controlled natural gas giant Gazprom, who briefed him on prospects of tapping the giant Chaynda deposit in the Yakutia region. Miller said the field is estimated to hold 1.2 trillion cubic meters of gas.

He said Gazprom plans to build a 3,200-kilometer (2,000-mile) pipeline linking the field with Russia's Pacific port of Vladivostok. Miller said Gazprom would need to invest 430 billion rubles ($13.7 billion) to develop the field and 770 billion rubles ($24.4 billion) to build the pipeline by 2017.