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10.11.2011 09:45
© Gazprom
The Russian gas producing company Gazprom has announced its forecast for an increase in the European gas sales by 8% next year up to 164 billion cubic metres and said it expected to sell new volumes under contract via the new Nord Stream pipeline, set to expand in 2012, Reuters announced. Yesterday the management of the gas company said that it increased exports to Europe by 42% in the first six months of 2011.
Gazprom also announced a 79% net profit increase in the second quarter up to 304 billion roubles ($10.0 billion) on the back of rising sales. Total European sales in 2011 are expected to reach 152 bcm said Sergey Chelpanov, deputy director of Gazprom’s exporting division. Chelpanov added that the increase will be reached on the back of new contracts tied to the newly launched Nord Stream pipeline, which was designed initially to ship 27.5 bcm a year of Russian gas along the floor of the Baltic Sea. By the end of the next year the capacity will double to 55 bcm. “Of course, not all the 10-12 bcm (of forecast increased sales to Europe) will be added due to new contracts. We expect a better business environment in Europe,” Chelpanov said.
Meanwhile Gazprom’s biggest European clients are facing billion-euro losses from an increase in the price they pay for supplies under the oil linked contracts, which cannot be passed on to customers. Major European buyers, such as Germany’s E.ON, are pushing to renegotiate. On average, European customers are paying $446 per thousand cubic metres in November, up from $429 in October, not far out of line with spot levels, an official from Gazprom’s export arm told Reuters on Tuesday.
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