Blogging about Europe

“Gazprom” promised lower prices for Europe in 2012

Russian gas monopolist “Gazprom” predicts a slight decrease in the price of natural gas to European consumers in the first quarter of 2012, said the company’s chief Alexei Miller, During a visit to the Serbian town of Pancevo, for opening of gas storage, together with “Srbijagas” he conceded to reporters slightly lower prices, without stating a specific figure.

“In 2012 the export of “Gazprom “in the European markets will be higher than this year, Miller predicted by stating that this will happen at the expense of the quantities passing through already placed in service pipeline “Nord Stream”.

In November, European consumers were paying 446 dollars per 1,000 cubic meters of gas and exported by the company amounts to the European market amounted to 152 billion cubic meters. Earlier this month the management of the company forecast that the growth will be 8 percent to 164 billion cubic meters.

Serbian state gas company and “Gazprom” discovered underground gas storage within the future gas pipeline “South Stream”. Repository in the northern city of Banat yard has a capacity of 450 million cubic meters of gas. It will be managed by a joint venture established in 2009, of which “Gazprom” holds 51%, and “Srbijagas” 49%.

It is expected that the project “South Stream” to be completed by 2015. By it Russian gas will pass from Russia under the Black Sea to Bulgaria, Serbia and Hungary and Western Europe.

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