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Gazprom highlights a need for pipeline investment in Europe

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World Pipelines,

According to news sources, Gazprom has called for a large infrastructure investment in new fields and pipelines to address the rising long term gas demand in Europe.

Reuters has reported that Gazprom’s Deputy Chief Executive, Alexander Medvedev, spoke at the European Gas Conference 2017 in Vienna, stating: "In order to cater for the growth [in Europe's gas demand] tomorrow, large scale investment decisions are required today. This is a stimulus for us to invest in new fields and gas pipelines," Medvedev stated.

"According to a consensus forecast of the world's leading energy agencies, thanks to new spheres of growth, Europe will need some additional 90 billion m3 of gas by 2025 from the current level of supply and more than 120 billion m3 by 2035," he added.

While Gazprom is the largest exporter of gas to European markets, several European countries are attempting to reduce their reliance on Russian gas supplies. Reuters and Energy Voice have reported that last year Russia supplied Europe and Turkey with a record 179.3 billion m3 of gas. Its share of the EU gas market rose from 31% in 205 to an all time high of 34% in 2016.

During his address, Medvedev declared that Nord Stream 2 is on schedule and Russia is commissioning new pipelines for the supply of Siberian gas to Russia.

"The Nord Stream 2 project is being implemented in full compliance with the schedule. The Bovanenkovo-Ukhta 2 gas pipeline has been launched recently, this is a part of our Nord Stream 2 schedule," Reuters has quoted Medvedev as saying.

Launched just last week, the Bovanenkovo-Ukhta 2 is set to connect trunklines carrying gas to Nord Stream 2.

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