Gazprom pipeline gas sales - more to the west, any to the east?

摘要

Optimistic statements about the progress of negotiations between Gazprom and China National Petroleum Corporation (CNPC) over Russian gas exports to China hit the headlines early in September, weeks after Gazprom announced its Q1 2013 IFRS Results, showing increased exports to Europe in 2013. To the casual observer, things look promising for Gazprom both to the west and the east, but the future may not bequite as rosy as Gazprom might wish us to think, nor do the numbers and the rousing statements tell the full tale.