UPDATE: Gazprom raises Sila Sibiri investment plan by 32% to 210 bln rbl

(Adds details in second, two last paragraphs)

MOSCOW, Nov 1 (PRIME) -- Russian gas giant Gazprom has increased its 2017 investment plan for construction of Sila Sibiri (Power of Siberia) natural gas pipeline by 32% to 209.8 billion rubles and cut investment in the Nord Stream-2 pipeline by 8 billion rubles to 102.4 billion rubles, as seen by PRIME in materials of the company on Wednesday.

The company also doubled the investment plan for the TurkStream natural gas pipeline to 92.8 billion rubles in the year, and raised the plan for the Ukhta-Torzhok-2 pipeline by 30.7% to 81.2 billion rubles.

In October, Gazprom’s board of directors increased the company’s 2017 investment plan to 1.1 trillion rubles from 911 billion rubles.

In 2014, Gazprom and China’s CNPC signed a contract, which envisages that gas supplies via the eastern route, or the Sila Sibiri pipeline, would begin in 2019. Gazprom plans to provide China with 38 billion cubic meters gas per year over 30 years. The company will start supplies via the pipeline with 5 billion cubic meters of gas, and the pipeline will reach its full capacity in several years.

The Nord Stream-2 project envisages construction of two lines of a natural gas pipeline with an annual capacity of up to 55 billion cubic meters, running from the Russian shore to Germany under the Baltic Sea. Russian gas giant Gazprom plans to implement the project together with Uniper, Wintershall, Royal Dutch Shell, Austria’s OMV, and France’s Engie. The Ukhta–Torzhok-2 pipe will be built as an extension of the Northwestern corridor of Russia’s unified gas system in preparation for construction of the Nord Stream-2 export gas pipeline.

The TurkStream pipeline will consist of two branches with a length of over 900 kilometers and a capacity of 15.75 billion cubic meters each. One of them, to be finished in 2018, is to carry Russian gas to Turkey, while the other is to transit gas to European countries through Turkey and is to be finished in 2019.

(58.1179 rubles – U.S. $1)

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