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Philippe Hochart: â€œEuropean market can face problems in gas supply sphere after 5 yearsâ€

16 September 2010 11:02 (UTC +04:00)

According to him the gas market faced losses during the global financial crisis. â€œThe gas prices fell and the companies were incurred losses but the activities of companies were positive.â€

â€œAccording to forecasts the European market will face problems in the sphere of gas supply after 2015 but the new reserves are expected to meet the Europeâ€™s need for gas.â€

He also noted that Russia intended to increase share in European gas market, Caspian region creates alternative routes and this will ensure the diversification.

The role of Caspian Sea in the achievement of long-term energy safety, increasing of production to meet the worldâ€™s need for energy, aiming of production to export, infrastructure, logistics, transportation, cooperation opportunities of international and national oil-gas companies and other issues were discussed at the conference.

The representatives of Azerbaijani Ministry of Industry and Energy, SOCAR, Georgian Energy Minister Alexander Khetaguri, Nabucco Gas Pipeline International GmbH. President Reinhard Mitschek, Trans Adriatic Pipeline TAP MAnaging Director Kjetil Tungland, Senior Advisor to the CEO, KazMunaiGas Ross Stobie and officials of other international companies and financial institutions attended the conference.

Note that the conference was organized by Great Britainâ€™s Terrapin Company. APA (Azeri Press Agency) information agency is conferenceâ€™s official media partner.