Gazprom eyeing British markets

MOSCOW, June 29 (UPI) -- Gazprom announced major plans to expand into the British energy market over the course of the next few years, corporate officials told shareholders.

Gazprom chief Alexei Miller told officials at the annual shareholder meeting the energy monopoly could ship more than 266 billion cubic feet of natural gas to British markets each year.

"Gazprom plans to account for 10 percent of the British market by 2011," he said.

Gazprom opened its first offices in England in 1999, while expanding its retail and wholesale market footprint in the rest of Europe.

Miller told shareholders the liberalization of European gas markets created an opportunity to move into broader markets through the use of underground storage facilities, RIA Novosti reports.

Gazprom appears to be losing ground in its Asian markets, meanwhile, as China inks a 30-year gas deal with Turkmenistan.

The deal means Turkmenistan increases its gas sales to Beijing by 30 percent to 1.4 trillion cubic feet each year while work begins on a 4,000-mile pipeline between the two countries.

"This agreement is very important for ensuring a stable, long-term and adequate supply of gas for this pipeline," said China's vice-premier, Li Keqiang.