Gazprom To Decrease Production to All-Time Low, Confirms Pipeline Projects

While Ukraine said that it will increase gas imports from Europe in August and Russian authorities suggested that Gazprom will decrease gas production to an all-time low, the Russian gas giant confirmed its interest to invest in new pipelines. 

‘Gazprom is well positioned to fund gas transmission projects: Turk Stream, Nord Stream II, Power of Siberia 1 and 2’ the company wrote on its Twitter account on Tuesday. 

Meanwhile, as reported by Reuters, Russia’s Economy Ministry contradicted previous declarations, saying that it expected Gazprom’s gas production to go down to 414 billion cubic metres (bcm) per year.

In May, Gazprom said that it expected 2015 production at 450 bcm, which would have bucked the downward trend that led 2014 production at 444 bcm. 

The ministry also sees a 5.5% decrease in total Russian gas exports at 164.6 bcm in 2015. 

The situation has partly to due with Ukraine, which is trying to increase its gas imports from Europe. 

On Monday, Ukraine’s Energy Minister Volodymyr Demchyshyn said that the Government hopes to import around 40 mcm of gas per day from Europe, up from 24 mcm of gas per day in July. 

Last week, Uktransgaz said it would import 24 mcm of gas from Slovakia in July, up from 17 mcm in previous months.