Gazprom’s Q3 profit jumps on high gas prices

Russian gas giant Gazprom reported a record quarterly net profit of 581.8 billion roubles ($7.75 billion) in the third quarter, boosted by higher gas prices and sales.

Gazprom posted a loss of 251.2 billion roubles in the third quarter last year and a profit of 521.2 billion rubles in the prior quarter.

Revenue also surged year-on-year to 2.37 trillion roubles compared to 1.39 trillion roubles last year when Gazprom’s results were affected by the Covid-19 pandemic.

The company’s net gas sales of gas rose by 77 percent to 3.46 trillion rubles for the nine months ended September 30. Volumes-wise, they rose to 369.8 bcm from 326.8 cbm in the January-September period last year.

Gas sales to Europe and Turkey, which account for most of Gazprom’s profits, rose by 117 percent to 2.46 trillion roubles.

Gazprom attributed the increase to higher average prices and the rise in volumes of gas sold to Europe and Turkey by 14 percent, or 21.3 bcm.

The state-owned firm said its average price of gas exports had been consistently rising for six quarters in a row.

Its average gas price in Europe and Turkey surged to $304 per 1,000 cubic meters in the third quarter, a 2.6-fold increase year-on-year.

Gazprom said it expects an even better fourth quarter mainly due to higher gas prices to Europe.

- Advertisements -
spot_img

Most Popular

Teekay LNG to become Seapeak after $6.2 billion deal

Teekay LNG Partners will rebrand as Seapeak following the completion of its previously announced $6.2 billion merger deal with...

Taiwan plans to build up to 16 LNG carriers

Taiwan is looking into building a national fleet of up to 16 new liquefied natural gas (LNG) carriers. The country...

Greece’s TEN takes delivery of LNG newbuild

Greek shipping firm Tsakos Energy Navigation (TEN) has taken delivery of a brand new LNG carrier from South Korea's...

More News Like This

Gazprom’s board approves deal with Linde on third Ust-Luga LNG train

Russian gas giant Gazprom said its board has approved a memorandum with Linde regarding the construction of the third...

Russia’s Gazprom to launch Portovaya LNG project

Russian gas giant Gazprom is nearing the launch of its Portovaya LNG production, storage and shipment complex in the...

Mitsubishi Heavy bags Ust-Luga LNG gig

Japan’s Mitsubishi Heavy Industries said it would supply the main refrigeration gas compression trains for the Ust-Luga LNG project...

Russia’s Gazprom working on several new LNG projects

Russia's Gazprom is working on several new small and mid-scale LNG projects, besides the new large complex currently under...