Oil Majors To Invest In Russian Pipeline

Gazprom, the Russian gas monopoly, announced on Friday that Royal Dutch/Shell and Total are interested in participating in a $5.7 billion pipeline project which should transport gas from Russia to Germany.

Gazprom, which wants to boost gas sales to Europe by 50 percent in the coming years, is looking for alternative exports routes in order to ease the dependence on Ukraine and Belarus.

Russia invited more majors to join the project and is ready to guarantee loans for the venture.

Gazprom is expected to hold also talks with Fortum from Finland, the British Centrica and the Dutch Gasunie.