Gazprom exports further down

Gazprom’s exports are likely to drop 17 percent in 2009 compared with 2008 figures, the company’s deputy chairman said yesterday.

Gazprom said Tuesday that its European gas exports were likely to fall more than it had previously expected as the global financial crisis hits demand, the Moscow Times reports with reference to Reuters. Gazprom’s deputy chairman Alexander Medvedev said exports were expected to fall to 140 billion cubic meters in 2009, down by more than 17 percent from the previous forecast of 170 bcm. That will result also in a significant drop in the company’s revenues.