Russia’s Gazprom sees domestic gas consumption rising 7.5% within 5 years

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MOSCOW — Russian energy giant Gazprom expects domestic gas consumption to rise by 7.5% within the next five years as it embarks on a $7 billion program to supply gas to more households, a company official said on Friday.

President Vladimir Putin has tasked Gazprom to provide more natural gas to domestic consumers, who do not receive supplies of the fuel although Russia has the world’s biggest reserves.

Russia’s proved gas reserves stood at 38 trillion cubic meters in 2019, almost a fifth of global total, BP data shows.

Sergei Gustov, director general of Gazpom’s unit, Gazprom Mezhregiongaz, told an online briefing the company’s share of the domestic market would remain at 70%-72% within the next five years as he expects domestic gas consumption to rise by 18.6 billion cubic meters in 2021-2025.

Gazprom’s key rivals on Russian markets are Novatek and Rosneft.

($1 = 71.6400 roubles) (Reporting by Oksana Kobzeva and Vladimir Soldatkin; Editing by Edmund Blair)