Gazprom to Replace 90% of Foreign Equipment in Few Years

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Russia’s Gazprom energy giant may substitute 90% of the foreign imports with Russian-made products in two or three years. This statement was made by Vladimir Markov, a member of Gazprom’s Management Committee and Head of the Department for Relations with the Russian Authorities.

“We are likely to substitute 90% of the foreign imports in two or three years. In addition, the government has decided to produce sophisticated equipment, including for shelf exploration,” Mr. Markov said at a press conference.

It should be noted that the EU and the United States banned the supply of equipment for deepwater exploration and oil production in the Russian Federation on August 1. In September, the sanctions were tightened to prohibit the provision of services for such projects. The EU restrictions related to the entire Russian oil and gas sector, while the United States indicated specific companies, such as Gazprom, Gazprom Neft, Rosneft, LUKOIL, and Surgutneftegaz.

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Posted on November 26, 2014, in Energy Industry News. Bookmark the permalink. Leave a comment.

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