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3 Oct, 2018 11:11

Russian natural gas vitally important for Europe – Gazprom

Russian natural gas vitally important for Europe – Gazprom

Europe crucially needs new gas pipelines from Russia, according to Russian energy giant Gazprom. The company is increasing its exports to the EU and is ready to remain the key supplier to the continent.

“This year we will beat another record, but this record will actually bring us closer to the volume of contracted gas [with the EU], which is about 204.5 billion cubic meters of gas per year,” said Gazprom Deputy Chairman of the Management Committee Aleksandr Medvedev, who was speaking at the Russian Energy Week International Forum in Moscow.

This means that Europe will need more natural gas that will come through new pipelines, Gazprom’s top manager said. “Therefore both Nord Stream 2 and Turkish Stream are vital for Europe to meet the additional demand for gas.”

“Our gas was, is and will remain the most competitive gas in Europe, there is no doubt about that,” Medvedev said.

The Nord Stream 2 pipeline project from Russia to Germany is to double the existing pipeline’s annual capacity of 55 billion cubic meters.

The Turkish Stream (aka TurkStream) was agreed by Russia and Turkey in October 2016. The first branch will deliver gas to Turkish consumers, while the second one will bring it to countries in southern and south-eastern Europe. Gazprom is planning to extend the pipeline to Bulgaria, Hungary and Serbia.

Russian Energy Week International Forum is held annually to demonstrate the prospects of the Russian oil and gas industry and unlock the potential of international cooperation in energy. The Forum serves as a platform for a discussion of the main challenges faced by the energy sector.

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