Russia's Gazprom announced that its net profit almost tripled in the second quarter of 2008 as the world's largest gas producer reaped earnings from record commodity prices before the global economic crisis took hold.
Gazprom said that “Its net sales of gas increased by RUR 331,171 million or 44% to RUR 1,089,464 million in the 6th months ended June 30th 2008 as compared to the 6th months ended June 30th 2007. This increase was primarily due to the increase of the volume of gas sold to Far Abroad countries and higher prices of gas sold in each geographical segment.”
It added that “For the 6th months ended June 30th 2008 net sales of gas to Far Abroad countries increased by RR 251,348 million or 61% to RUR 661,554 million as compared to the 6th months ended June 30th 2007. This mainly results from the increase of the volume of sold gas by 26% or 20.3 billion cubic meters and the growth of average prices. Net sales of gas to FSU countries increased by RUR 29,850 million or 22%, to RUR 163,637 million in the 6th months ended June 30th 2008 compared to the 6th months ended June 30th 2007. The increase of sales in this segment is explained by higher average realized prices, which was compensated by the decrease of the volume of sold gas by 2% or 0.9 billion cubic meters.”
Gazporm said that “Net sales of gas in the domestic market increased by RUR 49,973 million or 23%, to RUR 264,273 million in the 6th months ended June 30th 2008 compared to the 6th months ended June 30th 2007. This is explained primarily by increased average domestic price for gas set up by the Federal Tariffs Service. Net sales of refined products increased by RUR 131,540, or 59%, in the six months ended 30 June 2008. The increase was mainly due to the increase of refined products prices.”
It added that “Net sales of crude oil and gas condensate increased by RUR 59,622 million, or 80%, in the six months ended 30 June 2008. The increase of net sales of crude oil and gas condensate primarily resulted from the Gazprom Neft activities: net sales of crude oil increased by RUR 55,277 million or 85%, to RUR 120,081 million in the six months ended 30 June 2008 compared to the six months ended 30 June 2007.”
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