Support The Moscow Times!

Gazprom Exports to Europe Down 12%

Gazprom exports from January to April dropped from 58 bcm last year to 51 bcm this year. Andrei Makhonin

Gazprom's exports to Europe fell 12 percent in the first four months of 2012, calling the company's annual plans to export 150 billion cubic meters of gas into question, a source told Kommersant, confirming an earlier report by Reuters.

Sales from January to April dropped from 58 bcm last year to 51 bcm this year.

The source from Gazprom Export said an expected price hike at the beginning of last year caused Gazprom customers to stock up ahead of the increase and then switch to other suppliers.


Gazprom Export had planned to export up to 154 bcm of gas, but company head Alexander Medvedev said it would likely sell closer to 150 bcm, citing company pricing policies for Europe. He said the company was even considering decreasing exports to Europe in expectation of rising gas prices.

"If you have to choose between 154 billion cubic meters at a lower price and 150 billion at a higher price, then our preference is to export 150 billion," Medvedev said.

Gazprom insiders had said in April that preliminary information showed export volume had dropped 12 percent, though they gave different numbers. They attributed the drop to warm winter temperatures.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more