Gazprom is unlikely to recover gas sales lost as a result of Vladimir Putin’s full-scale invasion of Ukraine for at least a decade, according to a report commissioned for the Russian energy group’s leaders.
The company’s exports to Europe will average 50bn-75bn cubic metres a year by 2035, barely a third of prewar levels, the research predicted.
Although Gazprom is hoping that a new pipeline to China can help make up for lost European export volumes, its capacity will only be 50 bcm a year and prices in the Asian nation are much lower than in Europe, the report said, while a deal over its construction has yet to be reached.
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