Gazprom may invest up to $300 million in Belarus’ gas storage system :: Charter'97 :: News

Gazprom will invest $250 million to $300 million for the construction of underground gas storage facilities in Belarus, Vladimir Semashko, first deputy prime minister of Belarus, told reporters in Minsk on Monday.

According to him, the investment will come under a cooperation agreement between the Russian natural gas giant and Beltransgaz, Belarus’ national gas pipeline operator.

The new facilities would be capable of storing up to three billion cubic meters of gas.

Mr. Semashko said that the country should carry out more efficient energy-saving measures, as Russia’s gas prices will be on the rise. “Everybody should realize that gas will be rising in price, probably, not that much fast as for our neighbors, but they still will be going up.”

Experts say that Russian gas prices will increase by 10 to 15 percent annually until 2020. This will affect Belarus as well, Mr. Semashko said. “If we reach an agreement that gas prices for Belarus and in Russia will be increasing at the same pace, this will be a great boon to our country,” he added.