Russia 's state-controlled gas giant OAO Gazprom (GAZP.RS) could invest $2 billion to increase the volumes of natural gas it sends via Belarus to Europe by 30%, Russian newswires quoted Gazprom's Chief Executive Alexei Miller as saying Thursday.

After meeting Belarus President Alexander Lukashenko in Minsk , Mr. Miller said Gazprom would send 44.5 billion cubic meters of gas through Belarus this year, the pipeline's full capacity. He said work to increase the pipeline's capacity by around 15 billion cubic meters will begin in 2013. Gazprom fully owns Belarus 's pipeline company Beltransgaz.

Russia is increasing its transit capacity to Europe at the same time as demand from Europe is dwindling amid an economic slowdown and competition from other suppliers.

Gazprom in October opened a second line of Nord Stream, which takes gas to Germany via the Baltic Sea , doubling capacity to 55 billion cubic meters. Earlier this month, the company announced the final investment decision on its South Stream project to take gas to Southern Europe via the Black Sea . That project is aimed at delivering 63 billion cubic meters of gas per year to Europe by the end of the decade.

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