OREANDA-NEWS. Today Gazprom is announcing its international cooperation plans for 2007. Gazprom’s main challenge is to continue developing as a world class global energy concern capable of making a substantial contribution in the global energy market sustainability and predictability.

“Gazprom sets out to further progress and develop the success of the year 2006, during which the Company’s market capitalization has increased 70 per cent making us growth leaders among the prominent global energy concerns,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.

In 2007 Gazprom will go on implementing investment programs, building up gas production and diversifying energy transportation routes to meet demand from Russian and foreign consumers and partners.

Next year’s investments will amount to US$ 20 billion.

The funds will be used to increase production, including developing promising fields such as the Yuzhno-Russkoye oil, gas and condensate deposit where the aggregate extraction volume will exceed 600 billion cubic meters starting from 2008.