Russian state gas firm OAO Gazprom (GAZP. RS) is witnessing a substantial decline in European gas consumption this year, the Interfax news agency reports Monday citing the company's Deputy Chief Executive Valery Golubev.
Russian state gas firm OAO Gazprom (GAZP. RS) is witnessing a
substantial decline in European gas consumption this year, the Interfax news
agency reports Monday citing the company's Deputy Chief Executive Valery
Golubev.
"We are seeing a substantial decline in gas consumption on the European
market," Golubev told lawmakers at parliamentary hearings in the lower
house the Duma.
Golubev also voiced opposition to a proposal by the country's finance ministry
to increase the mineral extraction tax on gas, as the government fights a
looming budget deficit.
However, Gazprom's exports to Europe--it's most lucrative market--increased by
12% in the first quarter and are up 30% in May compared to last year, due to
supply disruptions from North Africa and the Middle East, while European
utilities have taken advantage of low gas prices at the start of the year to
fill up storage facilities.
But that trend is expected to fall later this year, as Gazprom's gas prices
under long-term contracts, which follow those of the oil price with a six to
nine month lag, will rise.
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