Gazprom predicts record falls in Europe gas consumption in 2009

MOSCOW (RIA Novosti) -- Gas consumption in Europe will fall a record 5-7% in 2009, Gazprom deputy CEO Alexander Medvedev said on Tuesday.

“By the results of the year, gas consumption will fall 5-7%, which is a record decline earlier observed only in separate countries,” Medvedev told a forum in Moscow on the Russian gas industry.

According to Eurogas, Europe consumed 517 billion cubic meters of gas in 2008.

Gazprom expects temporary surplus gas reserves will disappear from the European market in 2011 and gas consumption will return to peak levels in 2012, Medvedev said.

Consensus forecasts predict gas consumption in Europe will reach 683 billion cubic meters in 2020 and 742 billion cubic meters in 2030, Medvedev said.

Gazprom plans to increase natural gas exports to countries other than former Soviet republics by 13% in 2010 as compared with this year to 160.8 billion cubic meters and foreign currency revenues by 18% to $50.3 billion, Medvedev said.

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