YUZHNO-SAKHALINSK, Russia, Sept. 24 (UPI) -- Asia is the most attractive market for energy companies, the deputy chairman of Russian energy company Gazprom said at an Eastern investment conference.
Deputy Chairman Alexander Medvedev delivered an address to delegates at the 2014 Sakhalin Oil & Gas Conference, an annual meeting in the Russian Far East.
Russia is a world leader in terms of natural gas production and Medvedev said that, by 2030, the Asia-Pacific region will account for 25 percent of the total consumption of that resource.
"Today Asia is the most attractive market for major players of the energy market," he said during his address.
Gazprom has been looking to expand into the growing Asian market in an effort to diversify an asset base tied to a European economy still struggling to grow. Last month, Gazprom Chief Executive Officer Alexei Miller hosted Chinese Ambassador to Russia Li Hui to discuss long-term energy ties.
A contract between Gazprom and China National Petroleum Corp. is for 30 years and calls for 1.3 trillion cubic feet of natural gas per year. Construction started this month on the 2,500-mile Power of Siberia natural gas pipeline to carry Russian gas to China.
"By now, Gazprom has created a solid foundation for large-scale and integrated expansion in the Asian market," he said.
Miller said last week "the European market is No. 1 for us, and we are Europe's No. 1 gas supplier."
