Workers pass by pipes at a gas compressor station near Uzhhorod May 21, 2014. (REUTERS/Gleb Garanich)
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Europe will struggle to reduce its dependence on Russian natural gas after prices fell to the lowest in more than three years, making the continent an unattractive destination for supplies from new projects.U.K. gas, a European benchmark, fell to the lowest level since 2010 on London's ICE Futures Europe exchange Tuesday after the region's mildest winter in seven years and increased Russian flows left European storage more than half full. Russia supplies about 30 percent of Europe's gas needs, with half of that transported through pipelines crossing Ukraine. Russia's pipeline-gas export monopoly OAO Gazprom exported 42.7 billion cubic meters to Europe in the first quarter, up from 41.7 billion a year earlier, Sergei Komlev, the company's head of contract structuring and price formation, said Wednesday at Flame.
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