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Gazprom may lose part of market share in Europe in medium term — Fitch

Experts of the agency expect gas-to-gas competition in Europe to intensify

© EPA/SERGEY DOLZHENKO

LONDON, July 13. /TASS/. Russia’s gas giant Gazprom may lose some of its market share or profit margin in Europe in the medium term though "the severity of the losses will depend on how accommodating the company is to the European off-takers' needs," Fitch Ratings said in its Medium-Term Outlook for the European Gas Market report released on Wednesday.

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Gazprom sees no negative consequences of Brexit — CEO

"Gazprom's low production and transportation costs estimated at $3/mmbtu (Million British Thermal Units - TASS) and significant spare production capacity will help it overcome the pressures. We expect Gazprom to fight back by further de-linking gas and oil products prices, lowering take-or-pay volumes and removing destination clauses," the report said.

Also, Fitch said, "Europe's traditional gas suppliers, e.g., PJSC Gazprom (BBB-/Negative), are facing market pressures, mainly from the liquefied natural gas (LNG) market." Experts at the agency expect "gas-to-gas competition in Europe to intensify, and European gas prices to become even more spot-based rather than oil product-linked."

Earlier Gazprom Chairman of Management Committee Alexey Miller said that Europe’s demand for additional gas imports will increase by at least 100 bln cubic meters per year by 2025 and may total 150 bln cubic meters by 2035. According to Miller, judging by last year’s results pipeline gas is in higher demand than liquefied natural gas (LNG).

In 2015, Gazprom exported 159.4 bln cubic meters of gas to non-CIS countries. Miller said he expects the company’s gas exports to Europe to rise to 170 bln cubic meters this year.

Read also

Is US liquefied gas capable of ousting Russian gas from European market?

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