Gazprom’s net profit drops

Russian gas giant Gazprom reported a 17 percent drop in 2019 net profit due to lower prices and declining demand in Europe.

Gazprom’s net profit reached 1.2 trillion Russian roubles ($16.3 billion) last year. This compares to 1.46 trillion roubles in 2018.

Operating profits also fell by 42 percent to 1.12 trillion roubles and total gas sales were down seven percent year-on-year.

Total sales of gas decreased to 7.7 trillion roubles last year from 8.2 trillion roubles in 2018.

“This was mainly due to a decrease in average prices and volumes of gas sold in the segment Europe and other countries,” Gazprom said.

Sales to Europe and Turkey, which account for most of Gazprom’s profits, fell by four percent in volume to 232.4 billion cubic meters.

Gazprom said that the decrease was due to “weather conditions and higher LNG supplies, as well as the economic situation in certain countries, primarily Turkey”.

Gazprom’s share of the European gas import market in 2019 stood at 35.5 per cent, according to the Russian company.

The company’s large-scale LNG sales totaled 3.78 million tonnes last year, or 5.04 Bcm, representing a decrease of 27 percent year-on-year.

China, India, UK, Spain, South Korea, and Japan were the key buyers of Gazprom’s LNG.

- Advertisements -

Most Popular

Spark: spot LNG shipping rates ease this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet declined this week as vessel availability increased,...

Pilot LNG, Seapath plan to build $150 million US bunkering facility

Houston-based Pilot LNG is joining forces with Libra Group's maritime unit Seapath to build what they say is the...

US weekly LNG exports down to 21 shipments

US liquefied natural gas (LNG) exports declined in the week ending September 27 compared to the week before, according...

More News Like This

Russia’s Gazprom delivers its first LNG cargo to China via NSR

Russian gas giant Gazprom said it had delivered its first cargo of liquefied natural gas (LNG) to China via...

Russia’s Gazprom wraps up China trucked LNG delivery

A unit of Russian gas giant Gazprom has completed the first trucked LNG delivery to China via the Blagoveshchensk-Heihe...

Gazprom hits Portovaya LNG production milestone

Russian gas giant Gazprom has reached a production milestone at its Portovaya LNG complex in the Leningrad region. According to...

Finland’s Gasum terminates pipeline gas supply deal with Gazprom Export

Finnish state-owned energy firm, Gasum, said it had terminated its long-term pipeline natural gas supply contract with Russia's Gazprom...