Gazprom spoke about the new configuration of the gas market

MOSCOW, 15 Sep — PRIME. The global gas market will acquire a new configuration, Oleg Aksyutin, Deputy Chairman of the Board of Gazprom, said at the St. Petersburg International Gas Forum.

According to him, the role of gas in the global energy balance will continue to grow, the dynamic development of the market will be ensured by gas processing and gasification of the regions, and the center of the industry will shift to the East.

“Natural gas is becoming an increasingly popular fuel in the Asian region, which is taking over the world leadership in industrial production … It can be assumed that the global gas market will acquire a new configuration,” Aksyutin said.

The top manager noted that significant volumes of LNG will appear in Europe no earlier than 2025. The European region will have to compete for these volumes with importers from Asian countries, which will lead to an increase in the shortage of LNG in the world gas market, which means higher prices and even less availability for less solvent countries, Aksyutin explained.

He noted that a significant increase in the supply of liquefied natural gas on the world market is not expected in the next two years. In his opinion, American producers can increase supplies only in the long term and only if prices remain high.

No one, except Russia, can provide Europe with gas volumes that would be comparable to the resources of Siberia and Yamal, while offering favorable terms of supply, the deputy chairman of the board of Gazprom emphasized.