Gazprom pipelines and export capacity

Газопроводы Газпрома и экспортные мощности

Gas pipelines of West Siberia

Газопроводы Западной Сибири

Export flows of Gazprom

Экспортные потоки

Spot, Gazprom, Brent

Цены на нефть и газ

End-use price of gas

Russia and USA

Daily gas production

Суточная добыча

Comment on Die Welt interview with Alexander Medvedev

Maximum versus Minimum Sales of Gazprom

Die Welt has published an interview with Deputy Head of Gazprom Alexander Medvedev. Commenting my estimations of the combined capacity of export pipelines of Gazprom (250 bcm/year) and the guaranteed volume of export sales (160 bcm/year), Mr. Medvedev said that my numbers could be based on wrong assumptions. I strongly disagree with this statement.

I do estimate the combined capacity of export pipelines of Gazprom (including Nord Stream) at about 255 bcm/year and I do mention the volume of 158 bcm/year of the guaranteed European exports of Gazprom in the period from 2020 to 2025. As a matter of fact, the latter number is officially reported by Gazprom. Page 135 (printed number 124) of Gazprom Bond Prospectus of November 2010 says - "We have contracted a minimum amount of gas deliveries to Europe of 158 bcm annually for the period from 2020 to 2025". I believe the same volume (158 bcm/year) is given in the most recent Bond Prospectus of November 2011.

Apparently, Mr. Medvedev was talking about the maximum volumes of European exports of Gazprom. The number of 158 bcm/year (or approximately 160 bcm/year) is absolutely correct, but it is about the guaranteed minimum sales.

P.S. I have never been a manager of Gazprom.


Mikhail Korchemkin

Managing Director

East European Gas Analysis


November 17, 2011


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