LNG

Jan 29 (LNGJ) - Russian natural gas giant Gazprom said nine-month sales volumes to Europe fell to 122.5 billion cubic metres compared with 126.8 Bcm in the same period of 2013. Sales to the former Soviet Union dropped to 36.7 Bcm from 42.2 Bcm. Sales in Russia also declined to 157.9 Bcm from 170.8 Bcm. Gazprom said profits dropped by just under 35 percent to 572 billion Russian roubles ($8.3Bln) after taxes from 876Bln roubles in the previous year. Analysts said that against the backdrop of challenging market conditions of lower oil prices and a devalued rouble, these results demonstrate the need for Gazprom's ongoing diversification through the expansion of core gas exports into new markets with growth in LNG and also crude oil, refined products and power.