German oil and gas company Wintershall will spend the bulk of its EUR 4.4 billion in investment planned for 2017–2021 on projects in Norway and Russia, Wintershall CEO Mario Mehren told TASS news agency in an interview on the sidelines of the St. Petersburg International Economic Forum.

“Most of this amount will be spend on Norway since Norwegian assets are located offshore, which is expensive. Investment in Russia will be the second highest. We are investing in the development of the Achimov deposits there and are preparing to develop two sites now. So a significant portion of this money will go to Russia”, Meren said.