Gazprom’s positions to remain stable in long run
The Gazprom Management Committee took note of the information about the impacts of the events of 2019 on the long-term outlook for the global energy market.
It was highlighted that the ongoing growth in natural gas consumption around the world is one of the chief trends of 2019.
China continues to demonstrate significant growth. In 2018, the country's gas consumption went up by 18 per cent. By the end of 2019, gas consumption in China may rise by 10 per cent, considerably exceeding 300 billion cubic meters. It was noted at the meeting that the launch of the Power of Siberia gas pipeline, which took place on December 2, will allow the Company to provide reliable gas supplies from Russia to China and to strengthen Gazprom's positions in this promising gas market.
In Europe, indigenous gas production decreased at an accelerated pace throughout 2019, with the largest reductions observed in the Netherlands and Norway. It was noted that Gazprom is a leading supplier of gas to Europe, covering over a third of the region's demand and capable of taking further steps to enhance energy security in European countries.
The meeting participants pointed out that the events of 2019 had no tangible impact on the long-term outlook for the global energy market. Gazprom's positions will remain stable in the long run thanks to, inter alia, enormous gas reserves, well-developed production and transmission infrastructure, and the ongoing effort to diversify export areas and routes.
The information regarding the impacts of the events of 2019 on the long-term outlook for the global energy market will be submitted for consideration by the Gazprom Board of Directors.