Gazprom (MCX: GAZP ), the Russian state-controlled firm and the sole exporter of gas to Europe, has seen a rise in its pipeline gas exports to the continent. According to Energy Intelligence's analysis of gas transmission data, Gazprom supplied nearly 2.7 billion cubic meters of gas to Europe in September 2023. This figure denotes a decrease from August but represents an upswing year-on-year from September 2022, when specific pipeline movements were interrupted due to the conflict in Ukraine instigated by Russia in early 2022.
The increase in Gazprom's exports was largely driven by the Turk Stream pipeline, which demonstrated strong daily flows of 48.4 million cubic meters in September. This performance marked a 7.2% year-on-year growth, despite the ongoing Ukraine-linked hybrid war that had previously halted the Nord Stream pipeline back in 2022.
The Turk Stream pipeline now serves several countries across central and eastern Europe, including Greece, Croatia, Hungary, North Macedonia, Serbia, and Bosnia and Herzegovina. Gazprom's competitive pricing strategy also played a role in its increased exports. In September, Gazprom's price stood at $10.75 per million Btu, the lowest since July 2021, which allowed it to maintain competitiveness against other sources such as Liquefied Natural Gas (OTC: LNGLF ) (LNG).
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