Gazprom to Invest in Kyrgyzstan

Russian energy giant Gazprom has drawn up a plan to pump in close to three billion rubles ($101.32 million) as part of initial geological prospecting for oil and gas in Kyrgyzstan, Gazprom CEO Alexei Miller said on Wednesday.

"The geological exploration will involve an outlay of no less than three billion rubles in the first phase," Miller told reporters after talks with Kyrgyz Prime Minister Almazbek Atambayev.

Gazprom which had received licenses to explore the Kugart and Mailuu-Suu-4 deposits in 2008, had to suspend the development operations due to last year's unrest in Kyrgyzstan.

The Russian giant which planned to acquire 75 percent plus one share in gas company Kyrgyzgaz in 2009, is also interested in picking up a stake in oil company Kyrgyzmunaizat, Miller said.

Kyrgyzstan's gas reserves were pegged at 5.7 billion cubic meters as of the end of 2008.

Source: RIA Novosti