The Russian gas company Gazprom could increase gas supplies to Europe by 25 percent by 2020, according to a recent report by the news agency Bloomberg.

At a press conference in London on November 27, Vlada Rusakova, Head of Gazprom’s Strategic Development Department, said that while the company currently exports 200 billion cubic meters of gas per year to Europe, this figure could increase to anywhere between 210 billion and 250 billion cubic meters a year.

Gazprom also hopes to diversify its energy exports by supplying Korea and China in addition to Western markets. However, the company’s deputy CEO, Alexander Medvedev, said that Europe would remain Gazprom’s main market.

In a separate development on Wednesday, the Ukrainian Foreign Minister, Anatoly Kinakh, warned Russia that Kiev may increase gas transit costs in the event of Gazprom’s imposing higher gas rates on Ukraine.

Ukraine is concerned that it will be affected by a recent deal that sees Gazprom paying more for Turkmen gas, of which Ukraine is a major consumer.

Georgia currently relies on Gazprom for some of its gas requirements. However, it is in negotiations with Azerbaijan to secure its entire supply from Baku.