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Special Report: Gazprom grapples with dents to revenues, investments

08/03/2009
By Uchenna Izundu
The dramatic fall in gas prices over the past year has dented revenues and investment plans of OAO Gazprom, the world’s largest gas producer.In June Alexander Medevev, deputy chief executive of Gazprom, said he expects an 11% drop in exports this year to 142.1 billion cu m and a 38% drop in export revenues to $40 billion.European customers are expected to pay over $2.80/thousand cu m for Russian gas in 2009. Medvedev said despite the crisis, gas consumption in Europe was higher in fourth-quarter 2008 and first-quarter 2009 than in the warm spring of 2006-07. “Temperatures play a bigger role than GDP dynamics,” he said.The company doesn’t expect to return to 2008 pr...
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