Gazprom’s profit jumps in Q2

Russian gas giant Gazprom saw its net profit rising more than five-fold in the second quarter of this year.

Moscow-based Gazprom posted a net profit of 259 billion roubles ($3.8 billion) as compared to 48 billion roubles in the year-earlier period, boosted by higher sales and increased oil and gas prices.

Total sales rose to 1.83 trillion roubles from 1.39 trillion roubles in the second quarter last year.

Gazprom’ sales of gas to Europe and Turkey increased by 34 percent to total 1.41 trillion roubles in the first six months of this year.

This was mainly due to the increase in average ruble prices and the increase in volumes of the gas sold by 8 percent, or 9.4 bcm, Gazprom said.

The Russian company is Europe’s largest supplier of natural gas and generates more than a half of its revenue from selling gas to Europe.

 

LNG World News Staff

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Posted on August 29, 2018

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