FT: Gazprom remains competitive in the global gas business

I was disappointed to find the tired and simplistic argument that Gazprom is “down”, threatened by the potential shale gas exports from the US. It remains to be seen whether the shale gas boom will revolutionise the European gas market. By the FT’s own analysis (“Shalebook – burnt off”, Lex, FT.com, August 31), the companies involved in US shale gas production are recognising that their investments are “in trouble” at current gas prices.

Revolution or not, Gazprom is prepared to continue expanding in the global gas market. We are actively implementing a number of large projects along the whole gas supply chain, from exploiting the gas resources of the Yamal Peninsula, eastern Siberia and the far east to building liquefied natural gas plants, export pipelines and underground gas storage facilities. In 2011 we invested 12 per cent more in research and development than in the previous year, in particular on upstream engineering. Gazprom possesses enough reserves and the necessary technologies to stay competitive at the global level.

Sergey Kupriyanov, Press Secretary, Gazprom