02:48 GMT +324 June 2018
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    The stand with the Gazprom company's logo at the Sochi International Investment Forum 2016

    Gazprom to Adjust Gas Extraction Plan in 2017 Due to Demand Growth in EU

    © Sputnik / Maksim Blinov
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    Russian energy giant Gazprom will correct its forecast for gas production in 2017 from the current 430 cubic meters due to an increased demand in the European market, Vitaly Markelov, deputy chairman of the company’s management committee, said Friday.

    MOSCOW (Sputnik) — Earlier in May, Gazprom announced that it had increased its natural gas production by 13 percent in the first four months of 2017 compared to the company's results during the same period in 2016.

    "We planned that a volume of extraction for this year will amount to 430 billion [of cubic meters], even more. However, currently we see a growing demand from the European countries and we have already exceeded our planned indicators in terms of export … Of course an adjustment will have to be made," Markelov said at the press conference.

    According to Markelov, the volume of production will also increase, since in 2016, a large volume of gas was pumped from underground storage in both Russia and Europe.

    "The extraction capacities of Gazprom will allow to cover all the additional demand this year," Markelov noted.

    gas deliveries, European Union, Gazprom
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