Russian energy giant OAO Gazprom became the latest emerging-market borrower to sell debt to international investors, taking advantage of growing expectations that the U.S. Federal Reserve will delay raising interest rates.

Gazprom has also received 50 per cent in Wintershall Noordzee B.V., which is involved in hydrocarbon exploration and production in the North Sea. In turn, Wintershall has obtained 25.01 per cent in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field

The Asian market is one of the key priorities for Gazprom and Sakhalin’s energy plays a significant role in the company’s strategy. This year the Sakhalin II project is celebrating its 10th anniversary. It is one of the world’s largest integrated, export-oriented gas and oil projects that became possible after the first ever Russian production sharing agreement in 1994. Sakhalin II is managed and operated by Sakhalin Energy Company and its shareholders: Gazprom (50% and 1 share), Shell (27.5% minus 1 share), Mitsui (12,5%), Mitsubishi (10%). It includes the only Russian LNG plant with 13.2 bcm annual capacity.

Price adjustments in the gas markets caused by a drop in oil quotations hadn’t affected the dominant position of Asia-Pacific as a driver of growing global gas consumption. Following the expert reviews, by 2025 the region’s demand for imported gas might grow 1.5 times from present 280 billion cubic meters to over 400 billion cubic meters a year.

Last month, the United States restricted exports, re-exports and transfers of technology and equipment to the Yuzhno-Kirinskoye field. The sanctions were imposed just weeks after media cited Shell officials as saying the firm was considering Yuzhno-Kirinskoye as part of an asset swap deal with Gazprom, announced in June.

Gazprom's new strategy appears to focus on flexibility in supply routes, markets and possibly even pricing; on dealing with the European energy market as a whole instead of piecemeal; and on leaving natural gas on Europe's doorstep to be transported to market through internal European pipelines.

"The original Nord Stream was funded by project finance. We believe raising multi-billion dollar project financing for Nord Stream 2 in the capital markets would probably be much harder now. This is because Western sanctions have significantly hindered international funding to Russian corporates, even those not directly sanctioned," Fitch said.

The agreement concerning Nord Stream-2 represents a success for Russia; it accomplishes the strategic goals of Russian gas policy in Europe (main - ceasing gas exports through Ukraine), despite the difficult political relations with the EU, the Western sanctions regime, and Brussels’ declaration that it will diversify the EU’s sources of supply and reduce its dependence on Russian gas.

Romania's intention to stop importing Russian gas will not affect export revenue of Gazprom, said Ivan Grachev, head of the RF State Duma Energy Committee. "Russian gas consumption in Romania is lower than random fluctuations of Gazprom exports to Europe", added Mr. Grachev.

LNG imports by 10 nations in the region that receive the tanker-delivered fuel dropped 3.4% from a year earlier in August, after reaching a two-year high in March, according to data from Genscape. Russian pipeline supplies soared about 20% from a year earlier in August, remaining at the highest level this year, tracking declining crude prices, according to data from Gazprom, the world’s biggest gas producer.