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22 November 2010

10 YEARS MILESTONE IN THE RUSSIA – EUROPEAN UNION ENERGY DIALOGUE

The demand for natural gas in the EU countries will grow against a decline in the local production, said Deputy Chairman of Gazprom’s Management Committee, Director General of Gazprom Export, Alexander Medvedev in his Brussels’ speech dedicated to the 10th anniversary of the Russia-EU energy dialogue.

Alexander Medvedev referred to the consensus forecast made on the basis of studies by leading international analytical centers, pointing out thatin 2020 the EU countries will have to import 380 bcm of gas, and 400 bcm by 2030. Response to the surging demand will require additional gas transmission capacities, in particular, the South Stream gas pipeline.

Alexander Medvedev stated that natural gas is the purest fossil fuel and will play a crucial role in the reduction of carbon dioxide emissions, which is a key EU target. Replacement of half of existing EU coal power plants would enable the Union to go half the way in cutting emissions by 20% by 2020. “Increasing the proportion of natural gas in the EU energy mix only by 1% would reduce CO2 emissions by more than 3%”, Mr. Medvedev noted in his speech.

Mr. Medvedev expressed confidence that Europe would build an energy system, which will not destroy the proven business model and would meet environment-friendly market needs providing for security of supply in technical and political terms.

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