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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.
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