Gazprom Eyes Higher Exports to Europe

Gazprom Eyes Higher Exports to EuropeGazprom Eyes Higher Exports to Europe

Gazprom said higher gas sales to Europe boosted its first-quarter revenue and it may export more to the region than expected this year because of lower Dutch gas output and limited shipments of liquefied natural gas from the United States. Russia's Gazprom, the world's top gas producer, covers around a third of Europe's gas needs and planned to ship between 165-170 billion cubic meters to Europe this year, up from about 159 bcm in 2015, Reuters reported. The EU has been trying to reduce its reliance on Russian gas amid tensions with Moscow over the Ukraine crisis. Gazprom on Wednesday posted a 5% increase in first-quarter revenue to 1.74 trillion rubles ($26.9 billion) year-on-year, due to higher gas sales to Europe in absolute terms and despite a fall in gas price. Since the US Sabine Pass LNG Terminal started exporting gas this year, only 2 of 20 ships have departed for Europe, heading to Portugal and Spain, while the others have sailed to South America, the Middle East and Asia.