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    FT: Gazprom sets aside $4.7bn for rebates

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Summary

Gazprom will set aside $4.7 billion to cover potential price rebates to European customers this year, which reflects pressure on Gazprom from rapid changes in Europe’s gas market.

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FT: Gazprom sets aside $4.7bn for rebates

Gazprom is setting aside $4.7bn to cover potential price rebates to European customers this year, reflecting the pressure on the Russian gas monopoly from rapid changes in Europe’s gas market.

Gazprom is being hit by knock-on effects of the shale gas “revolution” that has transformed the US from net gas importer to prospective exporter.

Large quantities of liquefied natural gas from suppliers such as Qatar, once intended for the US, have been diverted to Europe. That has driven market-traded or “spot” gas prices down to levels sometimes below those Gazprom charges in its long-term supply contracts to European customers, which are linked to crude oil prices.  MORE

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