By Selina Williams

LONDON-U.S. liquefied natural gas won't be competitive in Europe leaving Russia's state-controlled gas giant PAO Gazprom (GAZP.RS) the dominant supplier in the region, the Russian company's deputy chairman Alexander Medvedev said Thursday.

His comments come as European governments are hoping that exports of U.S. LNG, due to start this year, will help the region diversify its energy supplies away from Russia.

Last year, Gazprom met 31% of Europe's gas consumption, a slight increase on the previous year as it ramped up exports into the region by 8.2%, Mr. Medvedev said.

"The price for U.S. LNG turns out to be higher than forward prices in Europe and therefore one can expect that supplies of American LNG into Europe will remain limited and Gazprom gas will remain in demand in its biggest market," Mr. Medvedev told investors at a presentation in London.

"There's no need for us to launch any price war," he added.

Write to Selina Williams at selina.williams@wsj.com

(END) Dow Jones Newswires

February 04, 2016 07:23 ET (12:23 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
PJSC Gazprom (PK) (USOTC:OGZPY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more PJSC Gazprom (PK) Charts.
PJSC Gazprom (PK) (USOTC:OGZPY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more PJSC Gazprom (PK) Charts.