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Wednesday, November 19, 2008

Gazprom adjusts downwards gas export forecast for 2008

MOSCOW, November 18 (RIA Novosti) - Russia's Gazprom has revised its 2008 gas export forecast to 161 billion cu m from over 163 billion cu m, Alexander Medvedev, deputy chairman of the company's management committee, said on Tuesday. In 2007, the state-run energy giant exported 153.7 billion cubic meters of natural gas. Additional transportation capacities of over 80 billion cubic meters will be required to meet Europe's demand for natural gas by 2020, Medvedev told a Moscow forum on Russian natural gas production and supplies. According to data from the International Energy Agency, Russian natural gas exports are expected to rise by 65-110 billion cubic meters by this date, while Gazprom predicts these volumes will expand by 65-70 billion cubic meters, Medvedev said. According to Gazprom's estimates, natural gas exports will rise to 219-227 billion cubic meters by 2020. Gazprom will hold talks in January on the price of natural gas supplies to China, Medvedev said. The Gazprom official also said the implementation of the Altai gas pipeline project depended on an agreement between the Russian and Chinese parties on the price of natural gas supplies. The $11 billion Altai gas pipeline, in Russia's south Siberian Republic of Altai, is considered the principal route to connect natural gas deposits in West Siberia with provinces in western China. The construction of the Altai pipeline was scheduled to begin in 2008. Supplies along the route are expected to start in 2011. The pipeline is designed to supply 30-40 billion cubic meters of natural gas to China annually.

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