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Russian firm to invest $30 bln on gas project in Nigeria

Russian gas company, Gazprom, has concluded plans to invest $30 billion on developing a new gas transport pipeline project in Nigeria to ensure capacity expansion.

According to a report in Lagos-based This Day newspaper, Gazprom's Chief Executive Alexei Miller recently disclosed this at a business conference in Lagos, adding that the project would be executed annually to diversify the Nigeria economy.

Miller said Gazprom, whose major operation is in gas exploration and production, also has plans to raise its oil output, which is currently 100 million tons per year, by 4% per year till 2012.

He said the gas price would rise along with oil due to the company's long-term gas contracts with European customers that are linked to oil prices. (Xinhua)