POST Online Media Lite Edition



 

Statoil says boost to EU cannot replace Russian gas

Staff writer |
Norway's Statoil could increase gas supplies to the European Union but would not be able to replace Russian gas, CEO Helge Lund said after Moscow cut off supplies to Ukraine over a price dispute.

Article continues below






"We can increase somewhat but we cannot replace Russian gas," Lund told reporters on the sidelines of an energy conference when asked if the company could boost supplies to substitute exports from Russian company Gazprom.

Statoil is the second largest supplier of natural gas to the European market, with a market share of around 14 percent, according to company data.

Gazprom's supplies to Europe including Turkey rose 16 percent to a record high of 161.5 billion cubic meters (bcm) last year from 138 bcm in 2012 while Norway's fell by 5 percent to 102.5 bcm.


What to read next

Norway may sell $11 billion of Statoil shares
Russia can find alternative food market to Turkey in 5 months
$21.1 billion plan to upgrade infrastructure across New York