WSJ: Gazprom Says Europe Exports to Hit 5-Year High

Russian state natural gas firm OAO Gazprom Thursday said it is on track to deliver its highest volumes of gas to Europe since 2008, as demand for its pipeline gas spiked amid lower supplies of liquefied gas delivered by tanker.

Gazprom profits slumped last year as sales in Europe dropped due to increased competition and lower demand.

But exports to Europe were up 15.6% in the first half of this year, Gazprom said.

“Gazprom’s European gas export data reaffirms good prospects for the entire year,” the company said in a statement, adding that it expected to ship 160 billion cubic meters of gas to Europe this year.  MORE