Gazprom to Invest $100 Million in Kyrgyzstan

State-owned Russian Federation natural gas monopoly intends to invest $100 million in prospecting for oil and natural gas deposits in Kyrgyzstan.

Gazprom CEO Aleksei Miller told the press, “We intend in the near future to open Gazprom company group offices here that will work on a wide range of matters. And it is very important to us that there be political stability in the republic, since this is a question of investing 'long-term money.' Kyrgyzstan will very soon become attractive to investors.”

Miller added that that he has signed a protocol with Kyrgyz Prime Minister Almazbek Atambayev, noting that, "All will be decided within the next fifteen days."

Kyrgyz Prime Minister Almazbek Atambayev responded, "In contrast with previous years, the Kyrgyz leadership will be fulfilling the obligations it undertakes, more simply speaking, it will not abandon its investors," adding that previous governments were motivated simply by "the banal desire to line their pockets," Kapital Strani Internet website reported.

Gazprom has a long history in Kyrgyzstan, as in the spring of 2003 Gazprom and the Kyrgyz government signed an agreement for a period of 25 years of cooperation in the natural gas industry. Three years later, Gazprom Neft established a subsidiary in Kyrgyzstan. Gazprom is now the largest operator in Kyrgyzstan’s fuel market and owns 108 gas stations.

By. Charles Kennedy, Deputy Editor OilPrice.com