Gazprom profits collapse in 2020
Net profits at Russia's largest gas company Gazprom slumped to 162.4bn rubles ($2.2bn) in 2020, from 1.27 trillion rubles in the year before, as less gas was sold, and at lower prices, in Europe and other markets.
Publishing its financial results on April 29, Gazprom reported a 17% decline in sales revenues to 6.32 trillion rubles, resulting in a 45% decline in operating profit to 615bn rubles.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Revenues from gas sales to countries outside the former Soviet Union (FSU) were down 27% at 1.81 trillion rubles, as volumes fell to 219bn m3 from 232.4bn m³, and average prices to 10,356 rubles/'000 m3 from 13,613 rubles/m³. Gas revenues in Russia held relatively firm, totalling 940.2bn rubles versus 970.9bn a year earlier, while revenues in other FSU states fell to 295.3bn rubles from 356.1bn rubles.
Gazprom was also stung by a 15% decline in sales of refined products to 1.8 trillion rubles, and a 35% drop in oil and condensate revenues to 487bn rubles.