Ruhrgas to build up investment in Russia

Germany's largest natural gas company, Ruhrgas will have to build up its investment in Russia to ensure long-term and stable supplies of natural gas to Germany, Burkhard Bergmann, Ruhrgas CEO, told. He recalled that Russian gas producers had serious concern about their ability to timely act on commitments on gas exports, as well as to draw badly wanted investment into the upstream and transporting units.

Ruhrgas was fully aware of the fact that the supplier countries -- Norway and, most noticeably, Russia -- had not yet received a sizable part of investment under long-term contracts, Bergmann said. He quoted international experts as saying that Russia might need the total investment of $ 175 bn over the next 20 years.
The Russian energy sector has a drastic demand for capitals, either foreign or Russian, that are vital for its future development, Bergmann said, stressing Ruhrgas's readiness to develop strategic partnership with Gazprom. He said that the sides pinned hopes on the German power-generating concern EON, which planned to obtain the Ruhrgas controlling stake -- an acquisition that might open up new financial opportunities.