Germany invests hundreds of millions of dollars in Russia

From 2017 to 2021, German Wintershall plans to invest 4.4 billion euros in the development of oil and gas fields. This was announced by Mario Meren, the chairman of the board of the company, which has been cooperating with Gazprom for 25 years.

As for investments in Russia, there was no exact figure. Although a member of the board of Winteershall Martin Bachmann, answering the question, remarked that these are “three-digit millionth figures.” “Without the participation of Russia, the full-fledged energy supply of Europe is impossible, Brussels constantly talks about diversification, but without Russia it will not take place,” Meren said.

Wintershall also plans to expand the development of the Achimov deposits of the Urengoy field in Western Siberia. The next stage is blocks 4A and 5A, the company’s management said.

“Our Russian projects are proceeding successfully, Russia is our most important priority region, and nothing will change here,” said Wintershall Chairman of the Board Mario Meren. “We are continuing to invest in our projects as natural gas from Russia will withstand any competition.”

Indeed, Germany’s need for fossil fuels is covered by one third due to imports from Russia, the participants emphasized. On the same Achimov deposits until 2018, the number of wells is planned to increase to 110 (now there are 80 of them), and gas production to 8 billion cubic meters per year.

Mario Meren assured the audience that the century of oil and gas has not yet come to an end, despite all the euphoria about renewable energy sources (RES).

“And in 20-25 years, oil and gas will still cover about half of all the needs for energy sources, and now, for example, even in Germany, 90 percent of the country’s population does not believe that RES alone can close all the issues,” he stated.

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