“Gazprom can afford South Stream”

Gazprom’s earnings show a solid financial base at the company’s disposal for the South Stream project, writes analyst Oleg Michayevach.

Source: Tanjug

Gazprom’s 2008 income will exceed USD 100bn.

An analysis shows specifically that South Stream will bring EUR 2bn in direct foreign investment to Serbia, EUR 200mn yearly from taxes and gas transit, and another EUR 100mn for servicing and quality control of sections of the main line.

Like many companies, Gazprom has felt the impact of the world economic crisis, which has slashed the market value of the company’s shares.

Despite that, RIA Novosti says Gazprom has a firm financial base—the possibility to make money abroad and enough reserves to continue large investment plans for increasing production, development and broadening infrastructure.

Gazprom’s Vice-President Aleksandar Medvedev told Russia Today TV that the company planned to increase South Stream’s gas-flow capacity by 16 billion square meters, so that the route would be able to transport a total of 48 billion square meters.

The value of the project could reach USD 20bn.

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