MOSCOW: Gazprom increased gas exports to Europe, its main source of revenues, by almost a third in July, even as consumers in Europe struggle to loosen dependence on Russia’s top gas producer.
Gazprom said that its gas exports to “far abroad” — which under the company categorisation means the European Union and Turkey — increased by 29 percent to 14.04 billion cubic metres (bcm) from the same period a year ago.
State-controlled Gazprom is facing increasing competition on the European market, while President Vladimir Putin has announced that it would only be able to increase domestic prices in line with inflation for five years from 2014.
The company said its daily exports stood at 470 million cubic metres in July, which was a five-year high, in Europe, which accounts for over a half of Gazprom’s total revenues.
Reuters
