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Tuesday, June 16, 2009

Gazprom losing to StatoilHydro in European market

Gas pipelines2009-06-15 - Barents Observer - Gazprom’s exports to the EU in the first quarter of the year dropped 35,3 percent. Meanwhile, StatoilHydro boosts its export and is now almost as big as the Russian producer in the European market. Gazprom and StatoilHydro might be allies in the High North and partners in the Shtokman gas project. However, in the European gas market, the two companies are tough competitors. As Gazprom’s exports to the EU market are plummeting, StatoilHydro’s exports are booming. While Gazprom in the first quarter of the year exported 35,3 percent less to the EU countries compared with the same period in 2008, StatoilHydro’s export is picking pace and is now only about five percent less than the Russian, newspaper Kommersant reports. Only a year ago, StatoilHydro’s export the EU countries was only about half of Gazprom’s. According to the company annual report, StatoilHydro in 2008 exported a total of 76,8 billion cubic meters of gas to European importers, which accounted for about 15 percent of continent demands. The bigger Norwegian exports come as the EU is cutting overall gas consumption. Union consumption declined 5,4 percent in the first quarter of the year. Meanwhile, imports decreased a total of 13,7 percent. The export dynamics are reflected also in production figures. While Gazprom in the first quarter of 2009 produced eight percent less than in the same period in 2008, StatoilHydro increased production with 21 percent, Kommersant writes.

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