Gazprom gas sales rise

Russian gas giant Gazprom said its net sales of gas increased by RUB 6,133 million, or 1%, to RUB 909,952 million in the three months ended March 31, 2014 compared to the three months ended March 31, 2013.

For the three months ended March 31, 2014 net sales of gas to Europe and other countries increased by RUB 56,065 million, or 13%, to RUB 484,379 million compared to the three months ended March 31, 2013. This change was primarily due to an increase in average prices in RUB terms (including customs duties) by 10%, which was reinforced by the increase in volumes of gas sold by 3%, or 1.3 bcm.

Retroactive gas price adjustments were recognized in the consolidated interim condensed financial information for the three months ended March 31, 2013 as an increase in sales in the amount of RUB 73,430 million reflecting a decrease in previously accrued liability.

Net sales of gas to FSU countries increased by RUB 4,982 million, or 4%, to RUB 126,759 million in the three months ended March 31, 2014 compared to the three months ended March 31, 2013. The change was due to an increase in average prices in RUB terms (including customs duties) by 5% and a decrease in volumes of gas sold by 10%, or 1.9 bcm.

Net sales of gas in the domestic market increased by RUB 18,516 million, or 7%, to RUB 298,814 million in the three months ended March 31, 2014 compared to the three months ended March 31, 2013. This is primarily explained by the increase in the average domestic price for gas by 14%, which was partially compensated by the decrease in volumes of gas sold by 6%, or 5.8 bcm.

In the three months ended March 31, 2014 profit for the period attributable to owners of Gazprom totaled RUB 223,007 million, which is RUB 157,658 million, or 41%, lower compared to the three months ended March 31, 2013.

1 Russian ruble = 0.026754 U.S. dollars