Official Defends Supply Moves
As Russian Titan Tries to Polish Image
By MARC CHAMPION
January 29, 2007; Page A12
DAVOS, Switzerland — Two things anger Alexander Medvedev, the man in charge of Russian energy giant OAO Gazprom’s exports. One is being told the company isn’t doing enough to develop its natural-gas reserves. The other: that he has been shutting off supplies to Russia’s neighbors and Europe at the Kremlin’s bidding.
This year, Gazprom will spend $20 billion on development — double last year’s tally — Mr. Medvedev said during an interview at the World Economic Forum. More development spending will come as the company secures new long-term contracts with countries such as China, requiring new pipelines and extra production.
“Before producing gas, we should sell the gas,” said Gazprom’s deputy chief executive, responding to criticism from private investors and the Paris-based International Energy Agency that the company isn’t investing enough to meet spiraling global demand. “We know how much to invest to meet the demand.” read more
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