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Russia’s Gazprom expects EU gas market to recover from third quarter – Rencap

Gazprom expects European gas demand, dented by the coronavirus crisis, to start recovering from the third quarter, Renaissance Capital wrote after a call with the Russian gas giant.

Renaissance Capital wrote in a note that Gazprom said the drop in European demand accelerated in recent weeks due to the coronavirus-related lockdowns and warm weather, while power generation demand did not fall due to switching from coal

“With China resuming LNG imports in March, Gazprom expects the lockdown roll-over will result in European gas markets resuming growth in 3Q-4Q 2020,” Renaissance Capital said.

It also said in Wednesday’s note that Gazprom had said on the call that it wanted to achieve positive free cash flow this year and was committed to its new dividend policy.

Gazprom did not immediately respond to a request for comment.
Source: Reuters (Reporting by Anastasia Lyrchikova; Writing by Vladimir Soldatkin; Editing by Alexander Smith)

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