Gazprom is facing a turning point in its sales strategy. Both its main markets – for European exports and sales to Russian customers – are altering. In terms of volume, the company does not expect to regain pre-crisis levels of sales until at least 2013. And there are few certainties with regards to prices. The markets’ character is changing – in Europe, because of tensions between spot and oil-linked pricing, and competition from other producers – and in Russia, because of liberalisation. These factors will no doubt impact the outlook for long-term investment and production for Gazprom and Russia itself.
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