Business » Companies
Author`s name Dmitry Sudakov

Gazprom Expects $20 Billion Losses in Gas Consumption in Europe

The drop in demand on natural gas in Europe will make up 5-7 percent in 2009 in comparison with 2008, Alexander Medvedev, deputy head of Gazprom said Tuesday at Russia’s Gas 2009 forum.

“The reduction of consumption will make up 5-7 percent – this is a record drop, which previously could be seen only in separate countries,” the official said.

The consumption of gas in Europe dropped by 7.5 percent (30.4 billion cubic meters) from January to August of this year. “The level of consumption does not go below the level of 2007,” Medvedev said.

The consumption will rise to the pre-crisis level by 2012 or earlier, experts say. Gazprom expects that the temporal abundance of gas on the European market will disappear by that time, Interfax reports.

In 2008, Europe consumed 517 billion cubic meters of gas, Eurogas sad. In 2020, the consumption of gas in Europe will grow to 683 billion cubic meters and to 742 billion – in 2030.

“In 2009, Gazprom intends to export 142 billion cubic meters of gas and 160.8 billion – in 2010,” Medvedev said.

The official previously said that Gazprom was expecting a 38 percent reduction in export income - to $40 billion vs. $60 billion in 2008.

The average price on Gazprom’s natural gas for European consumers may make up $280 per 1,000 cubic meters vs. the record $400 last year.

Comments
The need for a Global Political Agenda 2018
Pentagon can not accept Russia's victory over terrorists in Syria
Pentagon can not accept Russia's victory over terrorists in Syria
Putin: Russia will continue spending enough on defence not to be killed
Italy: Free fall
Tel Aviv, Jerusalem, capitals and puppets
North Korea declares victory over USA
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Russia unveils the date for the launch of the superbridge to Crimea
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin: Russia will continue spending enough on defence not to be killed
The Myth of the Gene: Genetics, Epigenetics and the Organism-Environment Loop
Turkish President Erdogan issues ultimatum to Washington and Brussels
New Syria to be born in Russia's Sochi
New Syria to be born in Russia's Sochi
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed