Selling gas to Russian companies on the local market will become more attractive than exporting it, LUKoil Vice President and co-owner Leonid Fedun said on Wednesday.

"For our colleagues in Gazprom, and ourselves as a company that produces a significant amount of gas, it will be more profitable to sell domestically rather than to export it," Fedun told a business conference.

He added that in the near future gas prices in Europe would not be high.

"The continuous production of non-traditional gas and shipments of liquefied natural gas will lead to the fact that the spot price of gas in Europe will be quite low," he said.

Taking into consideration transportation costs and export duties, selling gas on the domestic market would be more profitable for Russian companies, Fedun added. "What happened to oil products will happen to gas," he said.

MOSCOW, September 8 (RIA Novosti)