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Gazprom May Switch Sales to Rubles as Dollar Weakens

 
oil boycott
User ID: 327990
Netherlands
11/30/2007 10:01 AM
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Gazprom May Switch Sales to Rubles as Dollar Weakens
Nov. 29 (Bloomberg) -- OAO Gazprom, the world's largest natural-gas exporter, may start selling its crude and gas production in rubles rather than dollars and euros after the U.S. currency weakened.

``We are seriously thinking about selling our resources in rubles,'' Alexander Medvedev, Gazprom's deputy chief executive officer, told reporters today in New York. He didn't give a specific timeline for the decision.

The switch would happen ``sooner, rather than later,'' Gazprom Chief Financial Officer Andrei Kruglov told the same gathering of reporters. The dollar has dropped 11 percent against the euro this year, reducing the value of exports by oil-rich nations and contributing to a 49 percent jump in crude- oil prices.

[link to www.bloomberg.com]

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