Gazprom’s profit surges in Q2

Russian gas giant Gazprom said its net profit increased more than three times in the second quarter, boosted by higher gas sales and prices.

Gazprom said its net profit reached 521.2 billion rubles ($7.1 billion) in the second quarter, compared to 149.1 billion rubles in the corresponding quarter in 2020.

Revenue doubled year-on-year to 2.07 trillion rubles compared to the last year when Gazprom’s results were affected by the Covid-19 pandemic.

The company’s net gas sales of gas rose by 60 percent to 2.22 trillion rubles for the six months ended June 30. Volumes-wise, they rose to 272.3 bcm from 230.7 cbm in the January-June period last year.

Gas sales to Europe and Turkey, which account for most of Gazprom’s profits, rose by 93 percent to 1.45 trillion roubles.

Gazprom attributed the increase to higher average prices and the rise in volumes of gas sold to Europe and Turkey by 23 percent, or 22.4 bcm.

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