Gazprom says Europe exports to hit five-year high

Russia's Gazprom (OGZPY, OGZRY) says it is on track to deliver its highest volumes of gas to Europe since 2008, as demand for its pipeline gas spiked amid lower supplies of liquefied gas delivered by tanker.

Gazprom profits slumped last year as sales in Europe dropped due to increased competition and lower demand, but the company says exports to Europe are up 15.6% YTD.

Demand has been driven by European countries refilling stocks after a long, cold winter, while supplies of liquefied natural gas to Europe have dropped because they are being diverted to Asian markets, where prices are higher.

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