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Russian Gas Proves Irresistible to Europe
Keywords:
Tags: Oil & Gas, Italy, Russia,
Europe ten years ago invested heavily in gas fired electricity plants thinking that natural gas will be plentiful in the future. Now with global demand rising with the emergence of China and Russia. and Western Europe's own reserves, such as Norway's depleting, Europe is in a bind. Alexei Miller told shareholders: "The Natural Gas Market is now a seller's market." Western Europe's share of global gas consumption rose to 17.4 % in 2004 from 14.9% ten years ago. Now countries like Italy and Germany are scrambling to secure supplies and build long term relationships with Gazprom while Poland and other Eastern European countries are facing uncertainty about reliability of Russian gas supplies. Italian oil company Eni is negotiating a long term relationship to cooperate with Gazprom to recover gas from the Russian North and to supply the Italian market. Eni's CEO Paolo Scaroni addressing an industry conference in Amsterdam in June 2006, provided estimates that by 2012 Europe will need 220 billion cubic metres or nearly 2 and half times Italy's annual consumption. Scaroni said: "Where are we going to find all that gas?" Like other countries in Europe Scaroni does not see Gazprom as the whole answer, but sees few other ways to solve supply problems. Italy will invest in liquefied natural gas to have flexibility of sourcing. In the end though Scaroni is relying on Gazprom and says : "This gives them a responsibility to the Italian market .. and it strengthens our relationship."
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Italy's close ties to Gazprom go back to policy since 2006. A similar policy followed by Germany. The interdependence of the economies of Western Europe and Russia create a different dynamic for Europe compared to the U.S. during the Ukraine crisis.
Grouped Articles
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Eni Outlines Plan To Raise Output At Existing Fields
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How Italy's ENI Vastly Boosted Oil Output
BusinessWeek 04/09/2009
ENI to Sell Stake in Gazprom Oil Unit
Wall Street Journal 04/07/2009
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