|Gazprom Grabs Bigger Share of EU Gas Market|
|by Tom McGregor||Tue, Feb 18, 2014, 10:20 PM|
Eurpoean Union regulators have placed a stranglehold on shale gas drilling in EU member countries. Accordingly, Russian oil and gas companies can enjoy capturing a larger share of EU energy consumption.
The Moscow Times reports that, "State-owned gas giantcaptured its largest-ever share of the European and Turkish gas market last year, supplying 30 percent of the continent's needs, as compared to 26 percent in 2012. The Russian export monopoly sent 162.7 billion cubic meters of gas westward in 2013, and beat the record market share of 27 percent it set in 2011, Vedomosti reported."
Russian energy corporations can tap into growing power demand from Europe as alternative energy resources have stumbled in the global marketplace.
According to the Moscow Times, "Gazprom had forecast growth in Europe, though а prospectus from last year said the company did not expect to gain a 30 percent share until 2020. The increase — which represented a 20 percent rise in the company's European exports — was driven by high growth in Italy, Britain and Germany, which consumed 68 percent, 53.6 percent and 21 percent more gas respectively."
Nonetheless, Turkish oil and gas companies are beginning to grow more profitable.
To read the entire article from the Moscow Times, link here:
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