Gazprom Exports Bounce Back in Feb

Russian gas exporter Gazprom exported 8.5% more gas this February than last year, but 12.1% less than it did in January.  This was despite a much warmer February than last year and more deliveries of LNG.

The month-on-month comparison is less relevant in February that has only 28 days. The interesting point is the record low transit to Turkey via the European Union as, since February 12, this line has seen very little gas flowing.

Gazprom Western Monthly Exports


Source: Gazprom, Entsog, thierrybros.com

In February, all export routes witnessed a decrease.

Split of Gazprom’s EU monthly exports



Source: Gazprom, Entsog, thierrybros.com

In its presentation to investors, Gazprom confirmed our analysis of full year European gas demand (-3.4% for Gazprom vs -3% for our EU-28) and mentioned that its market share grew from 27.3% in 2011 to 36.7% in 2018. As Gazprom’s doesn’t take EU-28 as its European definition, we will need to wait for a country-by-country split before we can calculate the EU-28's dependency onGazprom.

Thierry Bros
1 March 2019
Advisory Board Member of Natural Gas World