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Gazprom sales weak, but European demand recovering149 days ago
(AP:MOSCOW) Russian gas monopoly Gazprom expects sales to drop by about 40 percent this year despite increased consumption in Europe in recent months, deputy CEO Alexander Medvedev said Wednesday.
Gazprom's exports to Europe in the first half of the year will total 60 billion cubic meters, 26 percent less than initially planned, said Medvedev, who is foreign operations chief for the state-controlled behemoth. Exports for the full year are expected to total 142 billion cubic meters, he said.
Gazprom, the world's largest gas producer, has been hit hard by plunging commodity prices and flagging demand. The company has recently announced it may cut its investment program by 25 to 50 percent this year and delay the launch of several new gas fields.
Medvedev said the company is upbeat.
"We see no reason to panic or be pessimistic," he told a news conference.
Gazprom's 2009 sales will reach $40 billion "no matter what problems" exist or crop up, he said. Last year's sales were $65 billion.
Medvedev said European demand has picked up this quarter.
"We have witnessed an increase in gas consumption in Europe in April through June compared to the previous months," he said.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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