Exec: Gazprom fears no competition with US LNG

ST. PETERSBURG, Oct 5 (PRIME) -- Russian gas giant Gazprom does not fear competition with the U.S. liquefied natural gas (LNG), Deputy CEO Alexander Medvedev said on Wednesday during an international gas forum.

“We are very well prepared for competition. When they ask me if we fear competition with the U.S. LNG, I openly say that I am not afraid of that,” he said.

Gazprom’s confidence comes from its cost cuts, continuation of large projects in upstream and midstream, and also an array of new projects in Russia and abroad, he said.

The current low energy prices have forced Gazprom to cut costs. “We are not dreaming about prices soaring to the skies. We only want the prices that will allow us to maintain development of major projects and pay dividends,” he said.

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