Europe will need extra 80bn cm of gas

Russia’s gas giant Gazprom forecasts that by 2020 Europe will need additionally 80 billion cubic meters of gas, Gazprom deputy CEO and Gazprom Export Director-General Alexander Medvedev said in his opening remarks to the eighth international conference Energy Dialogue: Russia-EU. Gas Aspect. “We have no doubt that Europe will need extra gas volumes,” he said. “According to the forecasts, by 2025 the demand for imported gas in addition to the existing one will reach 145 billion cubic meters a year and by 2030 it will grow to 200 billion cubic meters a year.” “Even if we do not look too far ahead and take the year of 2020 that in fact will start tomorrow, a minimum of 80 billion cubic meters of imported gas will be needed additionally,” Medvedev said. He explained this was connected with accelerated reduction of Europe’s own production. “There are no transport capacities for supplying this gas either through pipelines or in the form of LNG,” Medvedev said. In this context he recalled that “the investment cycle is long” and recommended to take a decision “already today.” “We are ready to supply as much gas as Europe will need or want,” Medvedev said.