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Tuesday, May 19, 2009

Gazprom Doesn't See Steep Fall In European Gas Demand

May 19, 2009 -(Dow Jones by Jan Hromadko) - BERLIN - Russian natural gas monopoly OAO Gazprom (GAZP.RS) Deputy Chairman Alexander Medvedev said he Tuesday he doesn't expect the recession will result in a considerable decline in gas demand in Europe. "We must not forget that the first quarter of 2009 was a peak price quarter and we expect demand will stabilize once prices come down further," Medvedev told reporters at a press conference on the sidelines of a conference hosted by the Russian Gas Society. Medvedev said he expects Gazprom's customers will mostly stick to the contractually agreed quantities of gas supply. Russian gas demand is expected to fall around 10% in 2009, he said.

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