Gazprom's gas exports increase in first five months of 2010

Exports by Russian gas giant Gazprom amounted to 61.68 billion cubic meters in the first five months of this year, up 13 billion cubic meters from the same period last year, the company said Tuesday.

Gazprom lowered its 2010 gas export forecast to 145 billion cubic meters from the February estimate of 160.8 cubic meters, said Alexander Medvedev, deputy chief executive of the company.

The average forecast contract price had also been lowered from 326 U.S. dollars to 308 dollars per thousand cubic meters, Medvedev told a press conference here.

The company's total foreign exchange earnings in 2010 could reach 45 billion dollars, he said.

With the gradual climb in world natural gas demand, Gazprom's gas export was expected to return to pre-crisis levels by 2012, he said.

Gazprom pumped 140.65 billion cubic meters of gas to Europe and other non-CIS (Commonwealth of Independent States) countries last year, with three-quarters going to west Europe, Medvedev said.

As the world's top gas exporter, Gazprom accounts for 20 percent of global gas output and 85 percent of Russian output.

Source:Xinhua