Russia's Gazprom sees boost in European NG supplies

Russian state owned Gazprom delivered 162.7 billion cubic meters of natural gas to Euope and Turkey in 2013.

Russia's Gazprom sees boost in European NG supplies

World Bulletin / News Desk

Russia’s state-owned energy giant Gazprom reveals that the supply of natural gas to Europe and Turkey has grown by 16 percent in 2013 to 162.7 billion cubic meters.

Gazprom’s natural gas supplies to Europe have increased due to the colder than average temperatures at the beginning of 2013, as well as a decline in gas supplies from Algeria, Libya, Nigeria, Norway, Qatar and the UK.

“The increase in exports has coincided with production growth by 400 million cubic meters to 487.4 billion cubic meters,” the company’s CEO Alexei Miller said in a statement. “Our current production capacity is 617 billion cubic meters of natural gas annually,” Miller said.

Russia currently supplies 25 percent of Europe's gas imports, and many European countries rely almost entirely on the country for their imported gas.

The average price of gas supplies to Europe in 2012 stood at $402 per 1,000 cubic meters and fell by 5.5 percent in 2013 to $380.

Turkey is a growing market for Gazprom and the trade volume between Russia and Turkey is expected to grow to $100 billion in the coming years.

Güncelleme Tarihi: 14 Ocak 2014, 15:50