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Putin gives green light to Ukhta-Torzhok-2 gas pipeline construction

October 27, 2015, 16:53 UTC+3 MOSCOW

The pipeline provides supply of gas for Nord Stream-2

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© Alexei Nikolsky/Russian Presidential Press and Information Office/TASS

MOSCOW, October 27. /TASS/. The Russian President Vladimir Putin gave green light to Ukhta-Torzhok-2 gas pipeline construction through a teleconference on Tuesday.

The ceremony was dedicated to the welding of the first joint of the new gas pipeline Ukhta-Torzhok-2. The ceremony was also attended by Gazprom Head Alexey Miller.

Putin noted the importance of the project for the company and Russia in general. "This is a serious, large, multiple-vector project that deserves special attention of both Gazprom, and the Russian Government," the President said. He wished every success to all those who will conduct the construction of the pipeline.

After that Gazprom CEO Alexey Miller from the site reported on the project through teleconference.

The 970-kilometre UKhta-Torzhok-2 gas pipeline will have a design capacity of 45 bln cubic meters of gas a year. It will have eight compressor stations with an aggregate capacity of 689 MW.

CEO of Russia’s gas giant Gazprom, Alexei Miller, said earlier that the gas pipeline would be built and ready for commissioning by the end of 2019.

Additional tax bites in energy sector should not lead to decline in investments

According to the president additional tax bites in the energy sector should not lead to a decline in investments.

Putin said that investments in the fuel and energy complex have a serious impact on the whole Russian economy.

"We need to discuss financial support for the projects in fuel and energy sector, in order to prevent the reduction of investments. Energy plays a major role in the flow of investment, and it is unacceptable to let additional tax bites lead to a reduction in investments. Because fuel and energy sector is the engine for the whole economy," he said.

Russia to boost its share on global LNG market

 Putin said Russia has the potential to boost its share on the global market of liquefied natural gas (LNG). 

When speaking about growing role of Asian and Pacific Region in energy consumption he said that "this also concerns the market of liquefied natural gas." "Russia has the potential to boost its share on the LNG market and planned ambitious LNG projects should be implemented," he said.

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