June 26 (Bloomberg) -- Europe should avoid turning its drive to diversify sources of natural-gas imports into a “fetish” that could alienate Russia, OAO Gazprom Chief Executive Officer Alexei Miller said today.

Europe’s plans won’t necessarily ensure greater energy security, Miller said. Political risk and a lack of technology and infrastructure in some countries with major fuel reserves could destabilize deliveries, Miller said.

“The push for Europe to diversify suppliers is understandable but it should not turn into a fetish,” Miller said at Gazprom’s annual meeting today in Moscow. “The construction of new transport routes does not mean that reliable long-term partners will appear.”

Europe wants to build the Nabucco pipeline to tap gas from Caspian nations and reduce dependence on Russia by 2013, as pricing disputes between Gazprom and Ukraine have interrupted gas flows three times since January 2006. Gazprom, Russia’s natural gas export monopoly, is developing two new pipelines to Europe to circumvent transit countries.

The South Stream pipeline across the Black Sea to Bulgaria may carry 35 percent of Gazprom’s European exports by 2015, Miller said. The company’s share of the European gas market fell in the first quarter to about 15 percent, after it cut supplies to Ukraine for almost two weeks in January, compared with 20 percent last year.

Lock in Supplies

Gazprom is seeking to lock in gas supplies from its Caspian neighbors, amid increasing European and U.S. interest in the region. The company has said it’s ready to buy all the gas from the second stage of Azerbaijan’s offshore Shah Deniz project, which could undermine Nabucco’s planned supply base.

Gazprom hopes to strike a gas deal with Azerbaijan next week, Miller said, without elaborating.

Gazprom wants the Europe Union to help Ukraine finance purchases of gas from Russia to avoid another supply disruption, Miller said, before talks between the head of NAK Naftogaz Ukrainy, Oleh Dubina, and Gazprom’s board today. “Our contracts must be carried out and aren’t subject to change,” Miller said.

The gas market is stabilizing after slumping in the first quarter, Miller said. “This gives us reason to say that the bottom of the crisis in the energy sector has already passed.”

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net; Torrey Clark in Moscow at tclark8@bloomberg.net.

Last Updated: June 26, 2009 08:32 EDT