Average gas price for Europe could rise to $400 in 2008 says Gazprom
Gazprom's CEO said on Friday that the average price for natural gas for Europe in 2008 could reach $400 per 1,000 cubic meters, 13% more than previously expected. "The price in Europe now exceeds $370. We believe the average price in 2008 could be $378 and could even reach $400 per 1,000 cubic meters," Alexei Miller said at a meeting with Russian President Vladimir Putin. Miller said the price hike was necessitated by the weakening U.S. dollar. However, he said the price increase would not affect the growing demand for natural gas on the European market. "Gazprom supplied 151 billion cubic meters of gas to the EU in 2007, and we plan [to ship] 157 billion cubic meters in 2008," he said.
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