July 3, 2008 / 12:34 PM / 9 years ago

Gazprom CEO says European gas price poised to soar

BAKU, July 3 (Reuters) - Russia's gas export monopoly Gazprom (GAZP.MM) expects its gas prices for Europe to rise by a quarter by year end following the latest spike in oil prices, the head of the world's top gas firm said on Thursday.

Alexei Miller told reporters during a trip to Azerbaijan he expected prices to rise to $500 per 1,000 cubic metres from the current $400 by the end of 2008. If oil prices were to hit $250 per barrel, gas prices would hit $1,000, he said.

Many analysts and oil executives have already described Miller's previous predictions of an oil price rally to $250 as apocalyptic.

Miller also said Russia was ready to start buying all of Azeri gas output at market prices. Baku is planning to supply its gas to Southern Europe via Turkey, the first major project on the territory of the former Soviet Union that bypasses Russia. (Reporting by Oleg Shchedrov, writing by Dmitry Zhdannikov; editing by Christian Lowe)

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