Gazprom sets eyes on Asian economies

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VLADIVOSTOK, Russia, Sept. 27 (UPI) -- A focus by Russian energy company Gazprom on Asian markets makes sense given the strength of the region's economy, an executive said from Vladivostok.

Gazprom is hosting an Asia-Pacific annual oil and natural gas expo. Gazprom Deputy Chairman Alexander Medvedev, in his keynote address said Gazprom's prospects in the region are driven by demand.

More than 85 percent of deliveries of liquefied natural gas from Gazprom were to Asia-Pacific countries in 2011. The company said it aims to invest more than $14 billion on developments in the Sakhalin region north of Japan.

"Asia-Pacific represents a premium market," he said. "It is ready to pay more for gas than in the trading platforms of the USA and Europe."

Far East countries, including Japan and South Korea, have or are planning natural gas deals with Gazprom. Opportunities also exist to the west in countries such as India and China, he added.

"If we take into consideration that today these countries are considered to be the drivers of sustained economic growth, we are looking into the future of our export policy in the Asian markets with great optimism," said Medvedev.