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Gazprom Sales Low on Electronic Market
Gazprom sold only a quarter of the volume of natural gas it was expected to on the Mezhregiongaz electronic trading system, where it offered the gas for 51 percent over the price set by the Federal Tariffs Service. Its sale of 129.3 million cu. m. was a quarter of its last sale. Usually gas is sold for 30-40 percent above the tariffs service's price on the system. Gazprom's sales were limited due to urgent redistribution of gas to the Urals and Volga areas of Russia, where the shortage, caused by cold weather, was quickly eliminated.
Under a government resolution, Gazprom is allowed to sell up to 7.5 billion cu. m. of gas, 1.9 billion cu. m. per quarter, on the electronic system. It sold about 550 million cu. m. of gas in January and it plans to sell 652 million cu. m. for February delivery. Demand from independent producers was high on the system, driving up the price to the point that buyers were scared off.
Gazprom still expects to meet its February sales target. The monopoly reported yesterday that its reserves grew more in 2007 than production did: 585 billion cu. m. were found in exploration, and 548.5 billion cu. m. were produced.
Observers do not foresee continuing problems with gas supplies on Mezhregiongaz. They point out that supplies to Ukraine and Turkey were high at the same time as extra gas was sent to the Russian regions hit by cold and that the Mezhregiongaz system is still evolving.
www.kommersant.com
All the Article in Russian as of Jan. 23, 2008
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