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Energy giant Gazprom first quarter profit jumps by 44 pc

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MOSCOW: Russian energy giant Gazprom reported a 44 per cent jump in first quarter net profit, driven by a rise in the value of exported gas.


The state-controlled group reported a net profit of 535.9 billion rubles ($8.2 billion, 7.4 billion euros) between January and March 2019, compared with 371.6 billion roubles during the same period last year.


Sales climbed by seven per cent to 2.2 trillion roubles, Gazprom said.


That was “mainly due to an increase in sales of gas to Europe and other countries and sales of crude oil and gas condensate and refined products,” a statement said.


Although the volume of gas sold in the first quarter of 2019 was 13 per cent lower than in the same period a year earlier, the rise in price — 30 per cent when calculated in rubles and by 12 per cent in dollar terms — more than made up for the decline.


Gazprom’s European market share has increased in recent years despite tensions between the European Union and Moscow, and Gazprom now supplies around one third of the European Union’s total consumption. — AFP


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