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Lower gas prices in Europe will not stabilize local industry — Gazprom

It is reported that the volume of investments in oil and gas exploration will exceed $500 bln in 2023 for the first time since 2019

MOSCOW, December 15. /TASS/. The declining European gas prices this year would not help stabilize the region's industrial sector, Deputy Head of the Department - Head of the Directorate at Gazprom Kirill Polous said.

"Europeans are already feeling the consequences of their short-sighted policies. It is most noticeable in Europe's deindustrialization. Even the fall in gas prices at European trading floors this year after a record-breaking 2022 does not help to stabilize the region's industrial sector. Furthermore, the drop in production in energy-intensive industries continues to this day," he noted.

At the same time, the largest corporations altered their plans and relocated production to other parts of the world, especially the United States, according to Polous.

The volume of investments in oil and gas exploration will exceed $500 bln in 2023 for the first time since 2019, according to Gazprom's top management.

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