Russia to increase gas prices in Europe

Russian state-controlled natural gas giant Gazprom plans to raise the price of gas supplies to Europe next year by almost 15%, a Russian newspaper reported today.

Vedomosti, citing a draft 2007 budget for the gas giant, said Gazprom forecasts gas prices of around £150 (€221) per 1,000 cubic meters for shipment to Europe next year. That’s up from roughly £133 (€196) in 2006.