Gazprom has said it sees no need to wage gas price wars in Europe to squeeze out rivals including LNG from the US.
Deputy chief executive Alexander Medvedev said there had been a lot of talk that LNG from the US would be a “panacea” for those looking to move away from Russian gas.
But he said there were currently “more preferable” destinations for US LNG than Europe.
He said prices would determine the competitiveness of US LNG but that he did not see it “flowing to Poland or Portugal” as he reiterated that Gazprom’s exports to the EU and Turkey may exceed a record-high 165 billion cubic metres per year.
Gazprom currently generates more than half of its revenue in Europe where Medvedev said sales would reach $28billion this year.
Last week the company said it sees Russian gas prices in Europe averaging between $167 to $171 per 1,000 cubic metres, down from about $240 in 2015.
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