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. Last Updated: 07/27/2016

Gas Price May Rise to $300-$400

The price of gas to Europe will rise to $300 to $400 per 1,000 cubic meters next year, Gazprom deputy CEO Alexander Medvedev told analysts Tuesday, Deutsche Bank said in a research note.

Medvedev, who heads Gazprom Export, proposed the price hike, from a current average of $250, during a meeting with analysts, Deutsche Bank said.

Analysts said they expected the hike on the back of skyrocketing oil prices.

Spokespeople for Gazprom and Gazprom Export could not be reached for comment late Tuesday.

Asian prices would in the future mirror those in Europe, Medvedev said, according to the note. He also said Russia was considering opening an exchange to spot trade its gas for physical clearance at a European hub, the note said.

In a separate meeting with foreign reporters, Medvedev warned that the European Union's plans to liberalize its gas market could prompt a sharp jump in prices, the Wall Street Journal reported on its web site Tuesday. The plans "will inevitably create a situation where prices will grow" by as much as 50 percent, Medvedev said, adding that Russian and EU officials would hold talks on the issue later this month, the paper reported.

Medvedev also said Gazprom was not conducting talks with TNK-BP to buy out the British-Russian joint ventures' Russian partners, the Wall Street Journal said. Medvedev added, however, that if the shareholders were to sell, Gazprom "will consider" buying assets, the newspaper said.