Gazprom’s net profit nosedives in Q2

Russian gas giant Gazprom posted a 50 percent drop in its second-quarter net profit mainly due to lower prices and demand in Europe, hit by the Covid-19 pandemic.

Gazprom reported a profit of 149.2 billion Russian roubles ($2 billion) in the April- June period, compared to 300.5 billion roubles last year.

However, Gazprom still managed to post a profit in the second quarter following a net loss of 116.2 billion Russian roubles in the January-March period.

Second-quarter revenue also dropped to 1.16 trillion roubles from 1.78 trillion roubles in the same period last year.

In the first-half period, Gazprom reported a profit of 32.9 billion roubles, compared to 836.4 billion roubles in 2019.

Net gas sales in the six months dropped 35 percent to 1.38 trillion roubles on lower volumes to Europe.

Gas sales to Europe and Turkey, which account for most of Gazprom’s profits, fell by 47 percent to 756.3 billion roubles.

Volumes-wise, the sales dropped 17 percent to 98.2 bcm in the January-June period from 117.9 bcm recorded last year.

Most Popular

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

Germany, Egypt seal FSRU charter deal

Germany's Ministry for Economic Affairs and Energy has signed a deal with Egypt's state-owned EGAS to charter the 174,000-cbm FSRU Energos Power.

Thailand in Alaska LNG talks

Thailand's PTT and Egco will engage in further discussions to potentially participate in the development and buy volumes from the planned Alaska LNG project, according to Thailand's Ministry of Energy.

More News Like This

Russian LNG production down in Q1

Russian liquefied natural gas (LNG) production decreased in the first quarter of this year, according to the Russian statistics agency Rosstat.

Russian LNG production down in January-February

Russian liquefied natural gas (LNG) production decreased in the first two months of this year compared to the same period last year, according to the Russian statistics agency Rosstat.

US sanctions two Russian LNG terminal operators

The Department of State announced on Friday that the US is sanctioning major targets in Russia’s energy sector, imposing...

Russian LNG production slightly down in November

Rosstat’s data show that the country’s LNG terminals produced about 3 million mt in November, down 0.4 percent compared...