Gazprom Increases Exports to Europe and Turkey in July

Russia’s Gazprom exported 14.04 billion cubic metres (bcm) to the European Union and Turkey in July, registering a 29% increase with respect to the same period a year ago. 

“Daily gas withdrawal rates have been hitting record highs since the beginning of July: export supplies to Europe are higher than in January and the upward trend of Russian gas consumption in Europe is picking up still,” Gazprom’s Chairman Alexey Miller recently commented in a note. 

The European Union aims to decrease its reliance on Russian natural gas supply, hinging mainly on liquefied natural gas (LNG) coming from Qatar. Lithuania recently joined a long string of countries trying to decrease dependence on Russia, betting on LNG platforms and shale gas exploration to loose ties with Moscow.

At the same time, European companies like Germany’s RWE AG challenged Gazprom in courts. RWE welcomed the favourable arbitration ruling, saying that it would change the existing system for European gas prices. European companies are also trying to clinch better deals, renegotiating parameters like prices and amounts.