Interfax cited Ms Angela Merkel German Chancellor as saying that Germany decision to phase out nuclear power means that the country will consume more gas but it will not rely on Gazprom to supply the entire increase.

She said "We are not talking about an uncontrolled increase in gas purchases but a reasonable increase that Gazprom can supply us, adding that Germany's plan for compensating declining output from nuclear power is not a move against Gazprom."

She said Germany will also rely on a doubling of renewable energy production and rising energy efficiency.

Ms Merkel said "The gas volumes we need are growing by leaps and bounds. Germany has 80,000 megawatts of capacity including 20,000 MW of nuclear power of which 8,500 MW are currently out of service. Thus, roughly 11,000 MW of nuclear power remain.

Mr Viktor Zubkov Russian First Deputy Prime Minister said that Gazprom would supply 30% to 35% more gas to Germany which is also pretty good.

He said that with 33 trillion cubic meters in explored reserves, Russia is ready to fully cover the natural gas needs of Germany and all of Europe. He added that we have long term contracts with European countries including Germany, to 2030 and 2035. We can simply amend the volumes. We can provide all the volumes for the German economy through Nord Stream and Yamal-Europe.

(Sourced from Interfax)