The head of the joint venture to develop Russia's giant Shtokman natural gas field doesn't expect the continuing economic and financial crisis to delay the project, he tells Le Figaro newspaper in an interview published Friday.
Russian gas monopoly OAO Gazprom (GAZP.RS) owns 51% of Shtokman Development, a joint venture with France's Total SA (TOT), which owns a 25% stake, and Norway's StatoilHydro ASA (STO), which owns the remaining 24%.
"A lot of projects have had to be put off until later but that won't be the case for Shtokman, thanks to this alliance with Total and Statoil," Yuri Komarov, chief executive of Shtokman Development, tells the paper.
It is a consortium that can "reassure investors," he said, adding that the crisis brings more competition between contractors which will allow the company to pay "more reasonable" prices.
Gazprom has said it expects gas output from Shtokman to start in 2013, with production of liquified natural gas to begin a year later.