Russia's GAZPROM, the World's Largest natural gas producer, expects the price of CRUDE OIL to double to $250 by 2009 (currently crude is trading around $130/barrel)."We think it will reach $250/bbl in the foreseeable future," Chief Executive Alexei Miller told reporters at a presentation in France... Alexander Medvedev, deputy CEO of Russia's dominant gas group, said Gas prices for Europe would rise to reflect the cost of crude.
* Gazprom, already the world's largest gas producer with a stock market value of over $330 billion, expects to triple in size to become a $1 trillion company within 7 to 10 years.
* Gazprom sells the EU around a 1/4 of its gas and wants to raise this to around 1/3...meanwhile the EU seeks to diversify natural gas supplies away from Russia in order to improve the security of energy supplies + avoid over reliance on Russia.
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Why does Gazprom's opinion matter so much? ? Because IF ANYONE is a Price-Setter in the GLOBAL natural gas market it would be Russia and more specifically, GAZPROM !
For more info on Gazprom please refer to my archived 5/21/08 post titled 'Gazprom's #1 in Natural Gas'.
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Why does Gazprom's opinion matter so much? ? Because IF ANYONE is a Price-Setter in the GLOBAL natural gas market it would be Russia and more specifically, GAZPROM !
For more info on Gazprom please refer to my archived 5/21/08 post titled 'Gazprom's #1 in Natural Gas'.
Data Courtesy: CNBC
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