Norway's Statoil Says Boost to EU Cannot Replace Russian Gas

By Reuters

June 17, 2014

CEO Helge Lund said Statoil would not be able to replace Russian gas. Vedomosti

Norway's Statoil could increase gas supplies to the European Union but would not be able to replace Russian gas, CEO Helge Lund said Tuesday, a day after Moscow cut off supplies to Ukraine over a price dispute.

"We can increase somewhat but we cannot replace Russian gas," Lund told reporters on the sidelines of an energy conference when asked if the company could boost supplies to substitute exports from Russian company Gazprom.

He did not provide any figures.

Statoil is the second largest supplier of natural gas to the European market, with a market share of around 14 percent, according to company data.

Gazprom's supplies to Europe including Turkey rose 16 percent to a record high of 161.5 billion cubic meters (bcm) last year from 138 bcm in 2012 while Norway's fell by 5 percent to 102.5 bcm.

… 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