Reuters: Europe gas more secure despite Russia supply fears -Statoil CFO

Europe's development of new sources of gas, away from dependence on Russian flows via Ukraine, means security of supply "has never been better", the chief financial officer of Statoil said, even as tensions over Ukraine revive fears of a cut-off.

CFO Torgrim Reitan also told Reuters in an interview on Monday that Statoil's cooperation with top Russian oil producer Rosneft has so far been unaffected by the several rounds of recent U.S. and European sanctions on Russian companies and executives over Moscow's involvement in Ukraine.

While Europe's dependence on Russian gas has risen to one third from about one quarter five years ago, a growing network of pipelines and a series of new liquid natural gas (LNG) import terminals are set to significantly increase Europe's sources of supply in the coming years.
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