Vladimir Putin has dismissed speculation that touted US gas supplies to Europe will impact Russia’s gas revenues, saying American firms will be better off concentrating on the Asian market.
“In order to set up exports of Liquefied Natural Gas (LNG), infrastructure has to be created either side of the Atlantic, and everyone understands that. This will take both, time and money,” the Russian president told energy company executives during an industry panel in St. Petersburg, which is hosting the annual International Economic Forum.
“Meanwhile, the gas prices in the Asia Pacific region exceed those in Europe by 1.6 times. It is self-evident that it will be more profitable for US companies to fight for the premium Asian market. No one wants to forego the opportunity to earn money,” continued Putin.