Gazprom's natural gas production fell 19.6 percent last month compared with the same period last year, as the state-owned behemoth struggles in the face of increasing competition at home and declining exports that are due in part to a breakdown in the political relationship between Moscow and Kiev.
Natural gas output at Gazprom declined to 26.3 billion cubic meters, or bcm, in August and could come in at under 450 bcm for the year, analysts at Sberbank CIB said in a note to investors Wednesday, citing monthly numbers released by monitoring body CDU TEK.
Gazprom produced 487.4bcm of gas in 2013, according to company figures, but this year it is finding it harder to sell its wares.
While Gazprom has not been targeted by sanctions from the U.S. or the European Union, the gas export monopoly stopped supplying Ukraine with gas in June after Russia annexed the southern Ukrainian region of Crimea, relations between the two countries tanked and Kiev refused to pay when Gazprom almost doubled the price of its gas.
Rotterdam, 03/09/2014-INC News
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