The company announced that it would answer to tougher competition by cutting prices. Discounts will be smaller than last year's 7-10 percent cuts.
Europe is the largest market of Gazprom, and the company gets more than half of the gas from the company's turnover. Gazprom supplies about a quarter of the countries in the use of gas.
Gazprom has already agreed to price reductions, and return the money to its customers. Last year, the returns for European energy companies rose to € 2.5 billion. This year the amount is expected to lower, to about EUR 600 million in refunds.
