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Gazprom says no competition for Russian gas on the EU market

MOSCOW,  (Reuters) - Russian gas giant Gazprom has no competition when selling gas to the European market, the company’s export arm told Reuters, pointing to its record export volumes to the region.

Last month, Gazprom Export said the company plans to increase exports to Europe from the record-high levels seen in 2017.

“There is no competition for Gazprom’s gas on the European market now,” Gazprom Export said in emailed comments.

“Our record supplies show this better than words. In the first half of 2018 (supplies) were growing even though consumption fell somewhat,” Gazprom Export said.

Supplies of liquefied natural gas from the United States to Europe may pose a threat to Gazprom’s export plans only if margins on the European market catch up with those currently being offered by Asian markets, Gazprom Export said.

“Asian markets are still offering a premium and even the increase of forward prices in Europe to $9 per MBTU (million British thermal units) for the supplies this winter will not give U.S. suppliers margins comparable to shipments to Asia,” Gazprom Export said. (Reporting by Olesya Astakhova Writing by Andrey Kuzmin; Editing by Kirsten Donovan, Polina Ivanova)

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