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. Last Updated: 07/27/2016

Gazprom's Exports to Europe Fall 12%

Gas exports to Europe fell 12 percent in the first half of 2007 compared with the same period last year as Europe enjoyed an unusually warm winter, gas export monopoly Gazprom said.

Gazprom, which supplies Europe with one-quarter of its gas, exported 9.8 billion cubic meters to both Western and Eastern Europe in the first six months of the year, the company said in its second-quarter 2007 report.

Exports to Germany, Gazprom's top customer, fell 30 percent in the first half of 2007. Its second-largest customer, Italy, bought almost 17 percent less gas.

In May, Gazprom forecast a 6.8 percent drop in European exports for the full year of 2007 due to the warm winter.

Analysts said spot prices also contributed to the sharp decline in exports.

"The decline was likely due to the warm winter and more favorable spot prices for gas, which resulted in more spot market purchases for gas, rather than contracted," analysts at UralSib said in a research note Thursday.