Today Alexey Miller, Chairman of the Gazprom Management Committee held a meeting at the Company's headquarters regarding the gas balance build-up in Eastern Siberia and the Far East until 2030.

The meeting was informed on the analysis of factors influencing the forecasted long-term gas balance indicators. It was noted that the key indicator was a potential gas demand from consumers in Eastern Russia. In this regard the meeting participants discussed the socioeconomic development prospects for Eastern Siberia and the Far East and the associated options of gas consumption dynamics.

Another main indicator is increased demand for energy resources in the Asia-Pacific region. The meeting participants underlined that Gazprom was oriented at long-term cooperation with the Asia-Pacific countries and created the necessary export capacities under the Eastern Gas Program being gradually implemented. In the long run the gas market of Asia-Pacific countries will be comparable to the European gas market – the major consumer of Russian gas at the moment.

“Although we are discussing today the issues of shaping a gas market in the East, a market that would be comparable to the European one by gas volumes and significance, the latter has demonstrated record high figures lately. In the last five days the daily consumption of Russian natural gas in Europe has risen by 24.7 per cent versus the previous year. I believe, this is not a limit,” said Alexey Miller at the meeting.

Based on the meeting results, the specialized structural units were tasked to consider the forecasted gas balance indicators in Eastern Siberia and the Far East until 2030 when planning Gazprom's activity for the next 10 years, inclusive in Eastern Russia.

Background

Gas balance is a system of indicators defining natural gas resources, amounts of consumption, distribution and utilization. Overall gas demand embraces production, operational and technological needs as well gas supply to consumers, injection into underground storages and other expenses. The resource part of the gas balance includes production, import, withdrawal from underground storages and other incomings. Gas balance is calculated in terms of physical volume (cubic meters).

Gas balance is an integral part of fuel and energy balance along with the production and consumption balances for other types of fuel and energy.