"Gazprom" Reported Record Exports of Gas Because of the Cold Weather in Europe

Business » ENERGY | February 26, 2018, Monday // 10:35
Bulgaria: "Gazprom" Reported Record Exports of Gas Because of the Cold Weather in Europe twitter.com

Over the past week, Gazprom has recorded absolute record-breaking gas exports thanks to the cold weather in Europe. The low temperatures and depleted stocks of European gas storage facilities at the end of winter led to an increase in gas prices on the spot market by more than 30%. The forecast for the new week is for more cold weather.

In addition to the immediate growth in exports, Gazprom may also benefit from reduced reserves with underground gas storage facilities, which will have a positive impact on the summer sales of the Russian monopoly, Kommersant notes.

Russia's state-owned Gazprom reported on Saturday the fourth consecutive day to an absolute maximum in daily gas exports to non-Commonwealth countries (CIS). The new historic record on February 24 is 655.2 million cubic meters. This is an increase of 2.4 million cubic meters compared to the previous record on 23 February, the gas holding company reported.

The new peak is set on Saturday - a day off when foreign gas purchases are generally lowered to weekly minimums, the company said. Group head Alexei Miller reported earlier that in 2017 Gazprom increased gas production from 2016 with 12.4 per cent to 472 billion cubic meters and gas exports to Europe by 8.1 per cent 193.6 billion cubic meters. In 2017, imports of Russian gas grew in Northwest and Central Europe. A record volume of blue fuel was reported to Germany - 53.4 billion cubic meters (+7.1 percent), an historic record was recorded on imports in Austria (+40 percent) to 8.5 billion cubic meters and in the Netherlands (+9.7 percent) to 4.6 billion cubic meters.

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Tags: Gazprom, gas exports, record, cold weather
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