Industry Focus: Russia Accelerates Fight For Global Gas Export Market Share

Russia aims to ramp up its efforts to gain more gas export market share this year, despite an unfavorable business environment and growing pressure from major competitors. The beginning of 2020 was a tough time for Russian gas export monopoly Gazprom, which saw its revenue for January exports fall by 41.1% on a year-on-year basis, barely exceeding US$3 B. The drop in export revenue, which was largely due to a decline in global gas prices, marked a significant decline for the company after several years of consecutive growth in exports. That had a negative impact on Gazprom, since almost 57% of its long-term contracts were conducted on the spot market. According to analysts, present spot pr