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Page added on November 29, 2007

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Gazprom considering selling gas in rubles

NEW YORK, Nov 29 (Reuters) – Russian gas export monopoly Gazprom’s deputy chairman said on Thursday the company is considering selling its gas and oil in rubles, instead of dollars or euros.

When asked about the company’s position on the weakening dollar, Deputy Chairman Alexander Medvedev said at a news conference in New York that the company’s contracts are written both in dollars and euros, so it already has a built in hedge.

Medvedev also noted the company — the world’s largest gas producer — is “currently considering the idea of trading in rubles.”

He gave no estimate as to when the company could start the shift, saying that “the idea has to first of all take root among the masses.”


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