President Vladimir Putin on Friday lauded Russia's natural gas giant, vowing that Gazprom would thrive despite attempts by the West to hinder it's business prospects as demand for gas would rise in Asia.

Since Putin sent troops into Ukraine, the world's largest natural gas company has grappled with sharply lower gas sales to Europe as the West seeks to reduce dependence on Russian energy and reduce Russian budget revenues.

Gazprom, which holds about 15 per cent of global reserves and employs about 490,000 people, is one of Russia's most powerful companies - so powerful it was once known as a state within the state.

"Despite unfair – to put it bluntly – competition, direct attempts from the outside to hinder and restrain its development, Gazprom is moving forward, launching new projects," Putin told CEO Alexei Miller.

"In the so-called transition period, the demand will be enormous. Moreover, more than half of this increase will fall on the countries of the Asia-Pacific region, first of all, of course, on the People's Republic of China, bearing in mind the growth rates of its economy."

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