Gazprom to spend $2bln on Sochi Olympics - paper

Russian energy giant Gazprom will invest at least 68 billion rubles ($2 billion) in the construction of facilities for the 2014 Winter Olympic Games in Sochi by 2012, a business paper said on Monday.

According to Vedomosti, of this sum, 28 billion rubles ($838 million) will be invested by Gazprom in 2009.

Gazprom`s spending on preparations for the Sochi Olympics is the largest of all the investment plans for the 2014 Winter Games, excluding federal budget expenditures. Total investment in the Sochi Olympics is estimated at 206-218 billion rubles ($6.2-6.5 billion), the paper said, referring to Deputy Prime Minister Dmitry Kozak.

Gazprom`s investment targets include a skiing complex, a four-star 600-seat hotel for skiers 1,500 meters above sea level and a new gas pipeline with an annual capacity of 3.27 billion cubic meters, Vedomosti said.

The skiing complex will comprise a stadium for 16,000 spectators. Gazprom also plans to build a two-lane 25-km (16-mile) highway to the Olympic camp, Vedomosti said.

However, the paper also reported that Gazprom CEO Alexei Miller had said the energy giant`s investment program may be reviewed depending on the company`s results in the first half of 2009.

sections: Society