Shtokman pipeline postponement
Gazprom is likely to postpone the construction of the gas pipeline between the Barents Sea coast and the gas hub of Volkhov near Sankt Petersburg.
The company is now likely to postpone also the construction of the 1365 km long Shtokman pipeline from the Barents Sea coast to Volkhov (Leningrad Oblast), Vedomosti reports with reference to Interfax.
The Shtokman pipeline is planned to bring gas from the Barents Sea to consumers in the EU. The pipeline will be attached with the projected 1220 km long underwater Nord Stream pipeline, which is to cross the Baltic Sea from Vyborg to Greifswald. Together the two pipelines will be a powerful new export route for Russian gas.
As BarentsObserver reports, the postponements come as Gazprom is seriously cutting its investments programmes. In 2010, investments will be reduced from the originally planned 1.55 trillion RUB to 645 billion RUB.
Gazprom’s exports in the first half of the year dropped 32 percent, while prices in the same period fell by 9,7 percent, Vedomosti reports.
