Gazprom forecasts another record year of export revenues

European Gas Markets, June 29, 2007

Russia's Gazprom forecasts record export revenues for 2007, according to Russian online newswire RBC. Export revenues would be even higher than last year's $37.2 billion (EUR 27.6 billion), according to deputy chairman Alexander Medvedev, cited by RBC. Last year's figure was already more than 40% higher year-on-year.

However, Mikhail Korchemkin of East European Gas Analysis observed that while Medvedev forecasts a record export revenue in 2007, to date both volumes and revenue are down year-on-year (in Q1-2007 Gazprom exported to Europe 34.7 billion cubic metres compared with 43.9 Gm3 in Q1-2006). Nevertheless, the new record is still possible, according to Korchemkin, though Gazprom would need to take away the export quota of Rosukrenergo. In 2005-2006, the Swiss broker was exporting to Europe 9 Gm3 a year, effectively reducing the export earnings of Gazprom.

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