Greifswald gas delivery point, Germany (photo by Gazprom)
Russian gas exports to Germany break record
The Russian energy giant Gazprom exported about 193.9 billion cubic meters to non-CIS countries in 2017. According to CEO Alexei Miller, this represents an increase of 8.1 percent compared to 2016.
Published: January 16, 2018, 9:47 am
According to Miller, the strong figures for gas exports show that the demand for gas from Russia has risen in European countries.
Russia’s gas reserves can reliably meet growing demand, he said.
Gas exports have increased to twelve European countries and to Germany the volume reached a record level of 53.4 billion m³.
The rise in exports to Europe comes amid a growth slowdown for the third year in a row, suggesting that higher export figures would lend support to the construction of the Nord Stream 2 Baltic Sea pipeline.
Germany is the most important gas importer for the Russian energy giant, but the biggest growth in 2017 was in absolute numbers in Turkey.
In terms of percentage, Austria posted particularly strong growth with a 40 percent increase. In Denmark, the Group recorded a small increase in gas exports.
Rating agency Fitch, noted that Gazprom had benefited from dynamic demand in European markets as well as the competitive price of gas from Russia.
While Gazprom was able to increase its market share in Western Europe in 2016 by 34 percent, according to the expert Dmitry Marintschenko, it would be difficult to calculate a future increase in export growth.
In 2018, Marintschenko said he expected a slight decline in gas exports to Europe because of LNG deliveries from the United States, even if much of the US liquefied gas is intended for Asia rather than for the European market.
In the long term, Gazprom’s market share in Europe would benefit from the completion of both the Nord Stream 2 and Turkish Stream pipelines, the expert said.
Nord Stream 2, with the active support of Europe’s leading energy companies, will see the new gas pipeline opening by the end of 2019.
Gazprom is planning record investments of 1.2 trillion rubles for 2018, with an increase of around one third compared to 2017, expected.
Funds will be directed towards the Chayandinskoye oil field, the Power Siberia pipeline, gas networks in the northwest and the planned connection to Turkey, Vedomosti newspaper reported.
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