January 28, 2020 / 12:44 PM / 19 days ago

Gazprom expects stable European exports over the medium term

A sign displaying the logo of Russia's Gazprom Neft oil company is seen at the company's office in the West Siberian city of Khanty-Mansiysk, Russia, January 28, 2016. REUTERS/Sergei Karpukhin/File Photo

VIENNA (Reuters) - Russian gas giant Gazprom expects its natural gas exports to Europe to remain stable in the medium term as the region’s own gas production declines, banking on the fact that it is less polluting than other fossil fuels.

“In the middle term we hope to keep more or less the same level of gas delivery as we had the previous couple of years,” Elena Burmistrova, director general of Gazprom Export, told the European Gas Conference in Vienna on Tuesday.

Europe has provided Gazprom’s main source of revenues, with its share of the region’s gas market increasing to 36% recently, although the Kremlin-controlled company’s European gas exports edged down 1.3% last year to 199.2 billion cubic metres from a record high in 2018.

Burmistrova said the decline in European gas production became more pronounced last year, adding that output is expected to fall by a quarter by 2030.

The Gazprom manager also welcomed the European Union’s efforts to cut greenhouse gas emissions, saying that Gazprom supports such policies, with natural gas, or methane, “the cleanest of the fossil fuels”.

Reporting by Kirsti Knolle; writing by Vladimir Soldatkin; editing by Jason Neely, Kirsten Donovan

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