Gazprom gas exports rise to new record

Gazprom gas exports rise to new record

Russia’s gas exports to Europe rose 8.1 per cent last year to a record level of 193.9bn cubic metres (bcm), the company’s head said on Wednesday, as the world’s largest gas producer continued to increase sales despite rising competition from LNG and other sources, Financial Times reports. 

Gazprom, which has a monopoly over Russia’s gas pipelines to Europe, has been forced to reduce its prices as EU countries invest in terminals to import liquefied natural gas (LNG) from suppliers such as Qatar, while the US has also started shipping gas to Europe.

“The second consecutive year of record exports on the one hand demonstrates the rapidly growing demand of European countries for Russian gas, and on the other – its reliability to supply the required volumes,” said Gazprom chairman Alexei Miller.

Gazprom’s total gas production rose by an annual 12.4 per cent last year to 471bcm, Mr Miller added.

The company is spending record amounts on capital expenditure as it builds a new pipeline to China, as well as pipelines to Turkey and Germany, despite political opposition from many eastern European countries – with the support of the US – seeking to reduce Europe’s reliance on Russian gas.

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