Gazprom frets over gas prices amid expansion

Click here to enlarge imageFaced with the need to make unprecedented capital outlays to finance a major expansion of Russia's gas production and transportation industry, state-owned natural gas giant Gazprom is concerned about European natural gas prices.Former Gazprom Chairman Rem Vyakhirev went so far as to call for the formation of an organization of gas exporting countries capable of regulating the price of natural gas. He told executives at the Fourth Executives Gas Summit in Paris in early October that the time has come to set up such a group because of the growing share of natural gas in the European energy market, now about 27%.Linking natural gas prices to those of other fue...

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