Gazprom to buy 29b cu. m CA gas in 2011

Staff Report

2011-10-05

MOSCOW – Russian Gazprom plans to buy 29 billion cu.m of Central Asian Gas from Uzbekistan, Kazakhstan, Turkmenistan in 2011, Vedomosti reported October 5.

The total is 10 billion cu.m less than planned originally.

Until 2008, Gazprom was buying 50-60 billion cu. m of Central Asian gas for a below-market price of $110 per 1,000 cu. m, but in 2008 the countries started requesting European prices.

This year Gazprom will pay approximately $293 per 1,000 cu. m (a total of US $8 billion) to Central Asian countries. Turkmenistan is selling gas to China for $160 per 1,000 cu.m, while European countries pay more than $300 per unit.

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