The Gazprom Board of Directors took note of the information concerning the prospects of the global energy market.
In the course of the meeting, it was noted that the need for conventional fuels was bound to increase due to the worldwide growth in energy consumption, with natural gas demand likely to rise at the quickest pace. Power generation was said to remain the most promising economy sector in terms of growing gas consumption.
The largest such growth will occur in the Asia-Pacific region. According to most projections, China will account for about a quarter of the increase in global gas consumption in the medium and long term, in large part due to the country’s environmental policy.
Europe – Gazprom’s traditional market – will be characterized by a deepening decline in domestic gas production. Russian pipeline gas, the demand for which has been on the rise in Europe over the last years, will continue to be the most economically viable energy source for the region.
It was stressed that Gazprom’s position in the global market would remain stable over the long term thanks to, inter alia, an immense resource base and a well-developed production and transportation infrastructure. The Company undertakes comprehensive efforts to diversify the flows and routes of its pipeline gas exports and to advance LNG production. This work will help Gazprom further improve its competitiveness, boost its exports, and strengthen the position of Russian gas in the global market.
Image Source: Gazprom