The project, one of the most ambitious in modern Russia, comes as many firms move their head offices to St .Petersburg to help the home city of President Vladimir Putin boost tax revenues and catch up with the wealthy capital.
Gazprom chief executive Alexei Miller told reporters the firm had shortlisted seven international architects to design a 300-meter building to fit into the historical landscape of St. Petersburg.
"Whoever wins, it will be a super-project. It will be a masterpiece," St. Petersburg Governor Valentina Matviyenko told a news conference, promising to consult the city's inhabitants before taking a final decision.
"We are talking here about figures exceeding $600 million," said Miller, while Matviyenko added that the total investment by the world's biggest gas firm could be much bigger and go beyond the construction of only one skyscraper by 2010.
Minority investors have repeatedly criticized Gazprom for investments in noncore assets, ranging from yacht clubs to stables and pig farms.
But Miller rebuffed those criticisms Wednesday by saying his firm was growing and needed more offices.
"An office for a company is always an investment into a core asset," he said. Gazprom will move to St. Petersburg the head offices of its recently acquired oil unit Gazprom Neft, formerly Sibneft, and the newly-formed Baltic pipeline company.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.