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    Gazprom to recoup 75% of 2009 losses in 2010

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    Gazprom plans in 2010 to recover up to 75% of revenue it had lost over the demand slump in Europe last year, Russian gas monopoly CEO Alexei Miller said on Friday.

    Gazprom plans in 2010 to recover up to 75% of revenue it had lost over the demand slump in Europe last year, Russian gas monopoly CEO Alexei Miller said on Friday.

    "We think that we can win back up to 75% of gas supplies dramatically lost in 2009," Miller said at the St.Petersburg International Economic Forum.
    But Gazprom admits that 2010 gas supplies may fall if demand in the European Union declines.

    "Today we understand that the real output may be lower than expected," Miller said, mentioning a considerable fall in supplies in countries of southern Europe at the start of 2010.

    However, Gazprom, which supplies a quarter of Europe's gas needs via major pipelines, will on Saturday sign a memorundum with major European companies, Italy's ENI and France's EdF, on the South Stream pipeline project, a Kremlin source said in Moscow.

    "A number of strategic bilateral documents, including a memorandum between Gazprom, Eni and EdF on a joint development of the South Stream's sea section, will be signed in the presence of Russian and French country heads," the source said.

    The South Stream gas pipeline is designed to supply southern Europe with new volumes of Russian gas.

    Miller also said that Gazprom planned to boost its Asian supplies to the European level.

    "We think that the Asian market is very promising. First of all, it is close to us, and then it is very large. So I think we will reach the European supply level in the near future," Miller said, adding that European consumers would not suffer as the company was planning to use a different resource base for its Asian supplies.

    Gas sales on the domestic Russian market are also becoming more and more attractive for Gazprom compared to other routes as local gas prices are rising, Miller said.

    ST.PETERSBURG, June 18 (RIA Novosti) 

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