Gazprom sells record volume of gas to Europe

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State gas industry group Gazprom has achieved more revenue in the past year and doubled its profit. The Russian natural gas company transported a record volume of gas to Europe and Turkey and benefited from higher gas prices.

Revenues amounted to 8.2 trillion rubles last year, equivalent to 113 billion euros. That is 26 percent more than a year earlier. Export volumes to Europe and Turkey rose to almost 202 billion cubic meters, the highest level ever. Sales of gas to the Netherlands and Great Britain rose particularly sharply in the reporting period, Gazprom reports. The average natural gas price increased by a third in the past year, the company estimates.

A profit of 1.5 trillion rubles remained below the mark, compared to 0.8 trillion rubles in 2017.


By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com

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