Russian President Vladimir Putin praised the Russian gas giant today, saying how Gazprom will thrive despite Western attempts to reduce its influence as demand for gas increases in Asia.

After Putin sent troops into Ukraine, the world’s biggest natural gas company is facing a decline in sales in Europe as the West seeks to reduce its dependence on Russian energy and reduce Russian budget revenues.

Gazprom, which owns about 15% of the world’s gas reserves and employs about 490,000 people, is one of Russia’s most powerful companies – so powerful that it was once said to be a state within a state.

Putin said all of Russia was proud of Gazprom, which was founded 30 years ago as a joint-stock company from the assets of the Soviet gas ministry as the Soviet Union collapsed.

“Despite unfair – to put it bluntly – competition, direct attempts from outside to hinder and limit its development, Gazprom is moving forward, launching new programs,” Putin said addressing Gazprom’s CEO, Alexey Miller.

“In the past 30 years, global gas consumption has almost doubled, and in the next 20 years, according to experts’ estimates, at least another 20% and maybe more will be added,” Putin said.

“In the so-called transition period, the demand will be huge. Moreover, more than half of this increase will be due to the countries of the Asia-Pacific region, first of all, of course, to the People’s Republic of China, bearing in mind the growth rates of its economy.”

Putin, who spoke via video link from his official residence in Novo-Ogaryovo, asked Miller, who was wearing a fur hat as he stood with workers outside Gazprom’s headquarters in St. Petersburg, if he was freezing. “No,” Miller replied.