Bloomberg: Gazprom Reviewing Europe Gas Strategy of Targeting End Consumers

OAO Gazprom, the Moscow-based natural gas producer that meets a third of European demand for the fuel, is reviewing its strategy of targeting end customers in the region, according to Chief Executive Officer Alexey Miller.

Gazprom may be more selective in pursuing projects it already planned because reaching end users in Europe doesn’t necessarily work, the CEO said today.

“The European market isn’t a buyer’s market now,” he said at a conference in St. Petersburg. “Shall we then pay so much attention to creating a value chain from exploration to production to end consumer?”

Gazprom invested along the entire production chain to link Siberian wells with European households as it built trading and marketing operations in Europe to compete with local retail suppliers.
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