Gazprom: lots of gas, nowhere to go? | beyondbrics

Gazprom: lots of gas, nowhere to go? | beyondbrics:

"Gazprom boosted gas exports to Europe to record levels last year, as customers negotiated price discounts and competition from rival international gas producers fell away.

But the rebound in sales to Europe was not matched in the domestic market where Russia’s natural gas monopoly continued to lose ground to local independent gas producers.

Gazprom increased gas exports to European markets – including Turkey – to a record 162.7bn cubic metres last year, bolstering its position as the biggest supplier to the region. Russian gas deliveries – up 16 per cent from 138bn cubic metres in 2012 – exceeded the previous 160bn cubic metres record set in 2008.

Gazprom faced a fall in profits in 2012 as gas consumption slumped in debt stricken Europe and LNG producers undercut the price of Russian gas on the spot market."

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