Gazprom Set an Absolute Record for European Gas Exports in 2017

Business » INDUSTRY | February 7, 2018, Wednesday // 14:16
Bulgaria: Gazprom Set an Absolute Record for European Gas Exports in 2017 Източник: pixabay

Gazprom set an absolute record for European gas exports in 2017 for the entire history of the Soviet and Russian gas industries. This was announced by the vice-president of the gas holding Alexander Medvedev at a meeting with the investors in New York.

Exports reached 194.4 billion cubic meters, he added. Gazprom estimates its market share at 34.7%, the company said in a statement. The official figures for Europe's 'blue-fuel consumption' for 2017 have not yet been published.

For the last time, this indicator declined in 2012 and was 26%. Since then, there has been almost continuous growth. For 5 years, Gazprom's share of the European market has increased by 9 percentage points to 34%.

Growth in supplies is linked to increased gas consumption in Europe, Medvedev said. But the share of the Russian company grows faster than the market, he said.

Gazprom expects growth in gas imports to Europe in 2035 by one third or even 1.5 times to 393-459 billion cubic meters per year.

The practical negotiation model and the flexibility of the gas supply routes allow the company to further increase its presence in Europe, Medvedev said. Gazprom does not expect serious competition from other, above all, US gas producers.

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Tags: Gazprom, industry, Alexander Medvedev, Russia, europe

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