We see a reduction of around 400 million to 500 million cubic meters, the paper quoted Vagit Alekperov, Lukoil’s chief executive officer, as saying.
The gas business in Uzbekistan is very profitable for Lukoil. Gazprom [may want to] assert its stand in the region and show that they can influence other international investors conducting work in the region. It is a harsh move from Gazprom’s side because recently Uzbekistan’s friendly attitude was shown in offering another 30 billion cubic meters [of gas] to Gazprom.
Definitely it is not good for Uzbekistan, Alexandrov continued. It [the reduction] will lead to a decrease of profit in gas transportation, a decrease of investment in the sphere and a decrease of tax coming from this.
In recent months Gazprom decreased gas production as it struggles to respond to a fall in demand from European customers.
