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Romania's intention to stop
importing Russian gas will not affect export revenue of Gazprom,
said Ivan Grachev, head of the
RF State Duma Energy Committee. "Russian gas consumption in Romania is lower
than random fluctuations of Gazprom exports to Europe", added Mr. Grachev.
(*) At the average European export
price of corresponding year.
Indeed, it is too late to
worry about the Romanian market. In 2008-2014, gas export
volumes to Romania dropped from 4.2 to 0.33
billion cubic meters (bcm) and export revenue plunged from above $1.7 billion and to
about $120 million. Remarkably, in the same period, natural gas consumption in
Romania lost about a quarter matching the volumetric decline of imports from
Russia.
Note that Romanian importers
were and still are paying for Russian gas more than the average European buyer.
In my view, Gazprom could have saved a portion of the market by offering better
terms. There still is a significant gas demand in Romania but it is beyond the
reach of Gazprom at the current contract terms.
Mikhail Korchemkin
East European Gas
Analysis
Malvern, PA, USA
September 14, 2015
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