Russia’s Gazprom reported a fall in net profit of around 90% in 2020 to 135.3 billion rubles ($1.82 billion) due to lower prices and sales, a huge rise in costs and a foreign exchange-related loss, the company informed.
Gazprom said the loss was mainly due to a decrease in average prices, including excise tax and customs duties denominated in the Russian ruble by 24% and a decrease in the volumes of gas sold by 6%, or 13.4 billion cubic meters. At the same time, average prices denominated in US dollars decreased by 32%.
Gazprom sold 219 billion cubic meters of natural gas in 2020 and 232.4 billion cubic meters of gas in 2019 to Europe.
Domestic gas sales also decreased from 236 billion cubic meters to 225 billion cubic meters.
Total gas sales were down to 475 billion cubic meters in 2020 from 507 billion cubic meters in 2019, which the company stated: “was mainly due to a decrease in the average prices and volumes of gas sold in the ‘Europe and other countries’ segment.”
Source: Anadolu Agency (photo: Gazprom)