Board of Directors reviews influence of 2019’s events on global energy market outlook
It was highlighted that the ongoing global growth in natural gas consumption 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, allows the Company to provide reliable gas supplies from Russia to China and strengthens Gazprom's positions in this promising gas market.
In Europe, indigenous gas production decreased at an accelerated pace throughout 2019. It was stressed 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.