RT: Asian market to guide European prices – Gazprom chief

The price of Russian gas in Europe will soon be influenced by the Asian gas market, Gazprom head Aleksey Miller has said.

“Without a doubt, we must understand that a factor in short-term pricing in the European market will be the Asian market as a whole. This is an objective reality, and it is necessary to understand,” Miller told the Valdai Discussion Club in Berlin on Monday.

Russia’s biggest gas producer has struck a number of deals with Asian customers in the last year, most notably China. In May 2014, the company signed a 30-year deal with China’s CNPC valued at $400 billion. Ground was broken on the Power of Siberia pipeline in September.

Last year, China consumed about 170 billion cubic meters of natural gas and expects to consume 420 billion cubic meters per year by 2020.  MORE