Russia's natural gas exports to Europe down 8 % in Oct.

Nov 06, 2008 01:00 AM

Russia's natural gas exports to Europe declined 8.3 % to 12.6 bn cm in October from a year ago as demand fell in the main consumer countries. Soaring gas prices of $ 460-$ 520 per 1,000 cm, introduced from October 1, drove down demand in Europe, including falls in Gazprom's main European customers -- Germany, Italy and Turkey.
"Reduced sales volumes will most likely continue in November and December. However, all the same, this trend will not prevent Gazprom from receiving record revenues of $ 75-$ 77 bn (EUR 59.5-EUR 61.1 bn) this year," a paper said.

According to the Russian Energy Ministry's central dispatch department for the fuel and energy complex, natural gas exports from Russia increased by 14.3 bn cm in January-September to 134.5 bn cm.
A shortfall in revenue is expected to hit Russian natural gas producers in 2009, with natural gas prices likely to fall to $ 360-$ 400 per 1,000 cm in Western Europe. However, energy giant Gazprom expects to compensate for falling revenue in 2009through the sale of 22 bn cm of gas to Belarus at $ 200 per 1,000 cm and 55 bn cm to Ukraine at $ 250-$ 400.

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