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Gazprom Expects Record Year

Russian gas exports are set to hit a record high of 222 billion cubic meters this year, according to Gazprom. Maxim Stulov

Russian gas exports are expected to hit a record high of 222 billion cubic meters this year, state-controlled monopoly Gazprom said Wednesday.

The company expects its sales of gas to Europe this year to be worth $61 billion, Gazprom's deputy chief executive Alexander Medvedev told reporters.

Medvedev reiterated that Gazprom's European exports in 2012 are expected to total 150 billion cubic meters, unchanged from last year.

He also said that Gazprom is close to finishing gas price talks with Germany's E.ON and RWE, as well as with Polish gas monopoly PGNiG, and agreement is near, without the need for arbitrage.

The meetings included talks with the new management of Poland's state-controlled PGNiG, he said.

"We instructed the experts to complete the negotiation process together before the end of the European soccer championship," Medvedev said.

The final of the Euro 2012 soccer tournament, which is being hosted by Poland and Ukraine, will be played on July 1.

He also said that a preliminary agreement with E.ON does not anticipate a rise in the spot price element.

Separately, Medvedev said that he did not expect any problems with Greece over paying for its Russian gas imports.

He expects Russian gas exports neighboring Ukraine to reach 40 billion cubic meters this year, he said.

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