Russia: Gazprom could allocate more 50 billion rubles to Turkish Stream
Russian energy giant Gazprom could allocate another 50 billion rubles ($ 866 million) to finance the Turkish Stream pipeline project. This was announced by the press service of the company. In January, the media reported, citing the group's documents, that in 2017 it intended to invest 42 billion rubles in the initiative. The new edition of the project of the investment program for 2017, which will be considered by the board of directors, foresees an increase in investment in the Turkish Stream project by approximately 50 billion rubles, ”said the press service. Last week, Gazprom said its board approved the investment program for 2017, which predicted the growth of projected investments from 217 billion rubles to 1,13 trillion.
Gazprom is one of the largest companies in the energy world, focused on geological exploration, production, transportation, storage, processing and marketing of gas and other hydrocarbons, as well as electricity, heat and energy distribution.
With 50,002%, Russia owns the controlling stake in Gazprom. Gazprom controls the largest gas transportation system in the world, with pipelines of 171 kilometers. Worldwide, the company manages 165 distribution companies, 445,3 thousand kilometers of gas pipelines and the transport of 164,3 billion cubic meters of natural gas. Gazprom is the sole supplier of Bosnia and Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova and Slovakia, as well as supplying 97% of the gas of Bulgaria, 89% of Hungary, 86% of Poland, almost the three quarters of that of the Czech Republic, 67% of Turkey, 65% of Austria, about 40% of Romania, 36% of Germany, 27% of Italy and 25% of France. Gazprom also controls banking, insurance, media, construction, agricultural companies and the football club of FC Zenit St. Petersburg.
The company was born in 1989 when Russian President Mikhail Gorbachev joined the oil and gas ministries as part of his economic reforms by appointing Gazprom as the entity responsible for the production, distribution and sale of gas.