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14 Jun, 2007 23:31

Gazprom and German Wintersfall to expand co-operation

Gazprom and German energy company Wintershall have announced they are to spend around $US 4 BLN on Europe’s gas infrastructure.

The undertaking will include expanding Germany’s pipeline network to link it up with the NordStream pipeline connecting Russia with Germany via the Baltic Sea.

The two companies say they will jointly build new storage facilities in Germany and the UK and start developing the Yuzhnorusskoye gas field in West Siberia this autumn.

Gazprom reportedly plans to increase its stake in Wingas, its joint venture with Wintershall, from the current 36% to 50% minus one share.

Gazprom Deputy CEO Aleksandr Medvedev commented to Russia Today on the company's European expansion plans.