ICIS: Gazprom H1 ‘12 natural gas sales plunge; Russian output also down

Russian producer Gazprom's natural gas exports to Europe fell by 10% year on year in the first half of 2012, which the company attributed to milder winter weather cutting demand for gas in key markets.

Exports to Europe reached 77.9 billion cubic metres (Gm³) between January and June, according to annual results released on Friday, down from the 86.6Gm³ sent to Europe in the first six months of 2011.

The figures contained in the latest release, which are tallied under IFRS accounting standards, differ slightly from those previously reported by ICIS in August (see ESGM 15 August 2012). Those results were published under Russian Accounting Standards.

In its commentary, Gazprom described its 2011 results as an "anomaly", owing to the abnormally cold weather and conflicts in the Middle East and north Africa that drove increased demand for Russian gas. Gazprom's 2012 results are about on par with the equivalent period in 2010.  MORE