Russian energy giant Gazprom expects Europe's demand for natural gas to grow in the long term, despite a slump in May, Gazprom CEO Alexei Miller said on Thursday. "Unfortunately, the financial and economic crisis continues to have a negative influence on gas consumption. Whereas in late 2009 and the first three months of 2010 we saw a dynamic growth in demand for gas in the EU countries, the situation with its consumption in May will deteriorate this positive trend," he told a European Business Congress conference.
"We see that financial problems in the eurozone have started to have their effect on the energy markets as well." Miller said, however, that demand for gas in Europe would grow in the long term while Europe's gas production would decline rapidly, adding that according to independent forecasts, Europe's gas imports will rise to 415 billion cubic meters per year by 2020 and to 500 bcm by 2030.
