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Gazprom Sees Low Gas Use

European gas consumption is falling and creating serious problems for Gazprom, Valery Golubev, deputy chief executive at the state-controlled gas export monopoly, told the State Duma on Monday.

"The world market is not as favorable as it could be," Golubev told the energy committee of the State Duma. "We note significant declines on the European market."

The hearings come as Gazprom pushes back against a Finance Ministry proposal to hike mineral extraction tax on gas as part of measures intended to raise revenues from the sector by about $5 billion next year.

(Reuters)

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