Gazprom says it will keep deliveries to Europe steady even as Asian customers start taking significant amounts of gas.
Alexei Miller, the chief executive of the Russian gas export monopoly, told Gazprom’s annual shareholders meeting that the strategy is for the European market to play a lesser role in its revenues with the appearance of new clients and the growth in domestic gas prices in Russia.
Gazprom failed earlier this month to close a deal to sell large quantities to China via pipeline starting as early as 2015, but hopes to reach a deal yet this year.
That would make China a competitor to Europe for Russia’s gas resources, since the same fields on the Yamal peninsula which ship gas to Europe would also supply China.
It is also planning to build a new liquefaction plant on Russia’s Pacific coast to enable seaborne deliveries.
“India, Korea and China, these are the countries where we are working intensively on concluding new long-term contracts,” Alexei Miller told the Gazprom’s annual meeting.