• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 1 hour Oil prices going down
  • 2 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 2 hours Another WTH? Example of Cheap Renewables
  • 2 days Bullish and bearish outlook for oil
  • 23 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 2 days Rolls Royce shedding 4,600 jobs
  • 1 day When will oil demand start declining due to EVs?
  • 1 day Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 23 mins What If Canada Had Wind and Not Oilsands?
  • 1 hour The Wonderful U.S. Oil Trade Deficit with Canada
  • 6 hours China & India in talks to form anti-OPEC
  • 2 days U.S. Cars Will No Longer Need 55mpg Fuel Efficiency By 2025.
  • 29 mins The Permian Mystery
  • 2 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 20 hours Gazprom Exports to EU Hit Record
  • 2 days OPEC soap opera daily update

Germany Ups Gazprom Imports by 19 percent in Q1

Gazprom gas exports

While dramatic talk of an end to Gazprom’s ‘monopoly’ in Europe steals headlines in the wake of the first LNG shipments to the continent, Germany reveals that it’s increased its gas imports from the Russian giant by 19 percent in the first four months of this year.

"It was noted the last year broke the record of supplies from Russia, which grew by 6.6 bln cubic meters (+17.1 percent). The upward trend continues to become stronger this year - 2 bln more cubic meters as compared to the last year (+19 percent) were already exported in the first four months of 2016," Gazprom said, referring to a meeting Gazprom CEO Alexei Miller and German Vice-Chancellor Sigmar Gabriel.

Related: 90% Off Sale On Offshore Drilling Rigs?

The two also discussed the Nord Stream 2 pipeline project as a way to meet the “growing demand for Russia’s energy resources in Europe,” Tass news agency reported.

"Creation of a new gas transportation main line will not merely improve reliability of supplies but will also contribute to development of the European gas market," Gazprom noted.

In 2015, Gazprom supplied 45.3 billion cubic meters of natural gas to Germany.

Gazprom supplies about one-third of the gas that Europe consumes. Norway supplies another quarter; so together, the two countries satisfy less than 60 percent of European gas needs. Gazprom is the single biggest player on the European market.

Related: Libya’s Oil Exports Could To Go To 0 bpd Within One Month

German Uniper, a subsidiary of E.ON, recently renegotiated a long-term gas import contract with Gazprom, reportedly “derisking” the contract going forward, according to Platts.

The renegotiation came after E.ON started arbitration proceedings in 2014 against Gazprom over pricing.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Palin Smith on May 13 2016 said:
    Reagan warned Europe about becoming dependent on Russian gas. Windmills will not keep Germans warm when the climate continues to cool down.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News