Gazprom has announced that its Board of Directors has approved an updated list of measures that aim to increase the company’s share in the global gas market.
The updated list suggests a more precise definition of Gazprom’s business areas, particularly in pipeline and LNG supply, as well as in creating and developing new gas market segments.
Gazprom said that will improve contractual cooperation in its pipeline gas supply. It said that it will introduce new forms of trade, as its first auction for gas deliveries was a success.
Gazprom said that an increase in pipeline gas supply to the Chinese market is of strategic importance as the company looks to reinforce its position in Asia.
The company also said that growth in LNG supply will play a crucial role in gaining a bigger market share. Gazprom is seeking to improve its global LNG portfolio flexibility primarily through its own production.
The company plans to strengthen its presence abroad, through the development of gas supply to end consumers, as well as through increasing the production and sale of highly processed products. It noted that promising areas of the industry include an increase in gas supply to the power sector and a further expansion of the market for natural gas as a vehicle fuel.
Gazprom said that it would optimise project costs and that it is ready to consider various project participation options, including joint ventures and asset swaps.
Newly re-elected Gazprom Management Committee Chairman, Alexey Miller, said: “In 2015 […] Gazprom's supply share in […] European consumption reached a historic high of 31%.”
Edited from press release by Callum O'Reilly