Gazprom is raising $69bn to revive gas production

Gazprom, the world’s largest natural-gas producer, is raising investments to $69bn through 2009 to develop new fields amid concerns the company may not meet soaring demand in Russia and Europe.

Gazprom, which supplies a quarter of Europe’s gas, is buying more fuel from Central Asian gas to meet soaring demand at home and in Europe.
Russia, which holds more than a quarter of the world’s gas reserves, may face fuel shortages at home because low, regulated prices discourage investment in production or on energy-efficient equipment and housing.
Gulf Times