Russia Seeking to Boost Natural Gas Exports to Asia

Posted June 30th, 2011 at 9:00 am (UTC-5)
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Russia’s state-controlled natural gas giant Gazprom says it is looking to boost exports to Asia as it reduces its dependence on revenues from European nations.

The company’s chief executive, Alexei Miller, said Thursday that it is holding “intense negotiations” with officials in India, China and South Korea to expand those markets.

Gazprom, the world’s biggest gas producer, has already signed preliminary agreements with three Indian companies, but has yet to reach an agreement with the China National Petroleum Corporation.

Even with the emphasis on Asian expansion, Miller said Gazprom would continue to increase its sales to European nations, where it supplied 23 percent of the demand last year.

As the company expands, the chief executive said it would rely more heavily on untapped gas reserves in the Arctic. Gazprom accounts for about 15 percent of the world’s natural gas production and owns 18 percent of the world’s reserves.