IMF: Gazprom may need price war to regain market share in Europe

MOSCOW, Jul 8 (PRIME) -- Russian gas giant Gazprom will probably have to start a price war to regain its share on the European market, the International Monetary Fund (IMF) said in a report late Thursday.

Slowing demand and probable future competition due to shale gas coming to Europe from the U.S. in the form of liquefied natural gas (LNG) mean that Gazprom will have to start a price war to return its market share and remove LNG players with higher prices from the European market, the IMF said.

Gazprom accounts for around 30% of Europe’s gas imports.

Gazprom CEO Alexei Miller said in June that the company’s share on the European market will continue growing regardless of a presence or absence of the U.S.’ LNG in the region.

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