A RIA Novosti correspondent reports that the director of the Department of the Oil and Gas sector of the Sakhalin region, Galina Pavlova, has announced that more than $12 billion will be invested in the Sakhalin-1 and Sakhalin-2 projects over the next five years. She announced this news at the fifth international conference, The Oil and Gas of Sakhalin, which opened in London on Monday. According to Pavlova, more than 4 billion dollars will be put into the Sakhalin-1 oil project in this period. These funds will allow more than 20,000 employees and specialists to be hired to work on the projects, from the largest contract organisations, many of which will be Russian. Pavlova said that 16,000 specialists would be taken on for the Sakhalin-2 project alone. According to her, more than $2.35 billion has already been invested in the Sakhalin projects - $1.7 billion in Sakhalin-2 and more than $600 million in Sakhalin-1. The Sakhalin region leadership is taking part in the London conference, as are representatives of Russian companies and members of large western corporations. There are about 200 participants, in all, representing the project's organisers, contractors, experts and consultants.