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News // Russia

Russia to Liberalize Associated Gas Price Market

08 August 2007 , 11:08567
Russia may ease restrictions on prices for associated natural gas, as the tradition to burn it hurts the economy and environment, the head of Russia’s Federal Tariff Service Sergei Novikov said.

He said that the government might back the liberalization of the country’s associated petroleum gas market by the end of this year.

Russia’s Natural Resources Ministry had called for such a plan to make the gas economical. Anything that can't be used at the source to power operations or sent to market is now burned, or flared.

A recent report by the U.S. National Oceanic & Atmospheric Administration found that while worldwide gas flaring averaged around 150 billion to 170 billion cubic meters of gas annually, Russia flared 50 billion cubic meters, more than Moscow had said it burned.

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