Gazprom Slightly Lowers Gas Supplies Estimates for 2014

Business » ENERGY | June 3, 2014, Tuesday // 14:32| Views: | Comments: 0
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Bulgaria: Gazprom Slightly Lowers Gas Supplies Estimates for 2014 File photo

Russian energy giant Gazprom has lowered its projected gas deliveries to Europe this year.

The company plans to export 158 bcm of gas to Europe and a combined 56 bcm to the Baltics and the Community of Independent States (CIS), compared to 2013's 161 bcm and 59.4 bcm, respectively, as the Russian website reports citing data from the company.

This comes against the background of reports of increased energy demands in the regions.

Russia has announced it will turn eastwards to sell more gas to the Asia-Pacific countries if the EU imposes sanctions over the Ukraine crisis.

It has also sealed a historic agreement with China to deliver gas worth USD 400 B over the next thirty years.

Europe is meanwhile debating on its energy security and looking into ways to reduce dependence on Russian supplies.

It has also put under pressure countries like Bulgaria to amend legislation on the South Stream pipeline project, which will deliver Russian gas to the southeastern and central parts of the continent. Brussels is seeking to make the project comply with EU legislation and with the provisions of the Third Energy Package., however, reminds that states like Turkey are also showing interest in the pipeline and are considering the option of "hosting" South Stream pipes instead of Bulgaria if the latter suspends the project.

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Tags: Gazprom, Russia, gas, ukraine crisis, Bulgaria, CIS, Baltics, Third Energy Package, China, South stream
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