MOSCOW, Oct 5 (PRIME) –The European states will need an additional 10 billion cubic meters (bcm) of gas per year, which opens good opportunities for Russia as an exporter, Energy Minister Alexander Novak told PRIME in an interview released on Friday.
“Today’s forecasts say that Europe’s own production will fall by about 7 bcm a year. Besides, there are estimates that demand will continue to rise by about 3 bcm a year. So, Europe will need to raise the annual amount of gas imports by 10 bcm. This is a big niche, imports of both pipeline gas and liquefied natural gas (LNG) can rise,” Novak said.
He said that Russian pipeline gas is more competitive in price that U.S. LNG.
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