Gazprom's Lakhta Centre tower has already overtaken the Shard in London as Europe's tallest skyscraper
Gazprom continues to aim high
The towering ambition of Gazprom’s capex programme is matched only by the height of its controversial new St Petersburg headquarters
On 4 September, Russia's gas export monopoly announced it was hiking its capex for 2018 by 16% to a record 1.5 trillion rubles ($22bn) due to an increased budget for its pipelines to China, Europe and Turkey. That's a 17% jump from the capex figure published by Gazprom's board in December and analysts are now questioning the wisdom of this decision. "Prior guidance for 2018 capex was 1.28 trillion rubles," Luis Saenz, head of equities at BCS Financial, told Petroleum Economist. "This is negative news, especially given its high tax burden and plans for new borrowings." Stretching out to 2025, Gazprom tops the list globally across the oil and gas value chain with $160bn expected to be spent on
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
