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Gazprom Believes Export Proceeds To Be High in 2009

Gazprom assured investors Friday that its export proceeds this year would be well above the 2007 level, RBC reported Alfa-Bank analysts saying after Gazprom representatives met with investors

At the meeting, the gas giant's Deputy CEO Alexander Medvedev said he was positive that export proceeds would be high even despite very conservative gas price forecasts.

In 2007, Gazprom's gas shipments to countries outside the CIS and the Baltic yielded the monopoly $24.01bn in export proceeds, while exports to the CIS and the Baltic generated $7 bn.

Gazprom's export strategy implies that the monopoly's share of the European market will increase from 26 percent to 35 percent by 2020. By the same deadline, Gazprom intends to increase gas exports to Europe by 15 percent, and maintain the current level of supplies to the former USSR states.

Alfa-Bank experts believe, however, that Gazprom may find its targets hard to achieve because of the recent gas row with Ukraine as Europe is hardly likely to welcome more dependence on Gazprom.

Source: RBC

Author: Ksenia kochneva