Gazprom’s net profit climbs to nearly $17 billion, LNG sales up 4 pct

Image: Gazprom

Russian energy giant Gazprom said Thursday its net profit rose 21 percent last year as it benefited from lower costs and a stronger rouble.

Moscow-based Gazprom posted a net profit of 951.64 billion roubles ($16.7 billion) in 2016 as compared to 787.06 billion roubles the year before.

Gazprom said it has reduced its net debt by 7 percent in 2016 to 1.93 trillion roubles.

This decrease resulted from lower borrowings denominated in Ruble terms due to the depreciation of US Dollar and Euro, it said.

Gazprom’s natural gas supplies to Europe and Turkey reached an all-time high of 179 billion cubic metres last year.

The Russian company is Europe’s largest supplier of natural gas and generates more than a half of its revenue from selling gas to Europe.

LNG sales rise

Gazprom’s sales of liquefied natural gas (LNG) rose by 4.1 percent year-on-year to 3.71 million mt (4.94 bcm), the company said.

In 2016, Japan remained the key destination for LNG supplies in Gazprom’s trading portfolio, accounting for about 45% of total LNG sales.

LNG shipments to Taiwan increased considerably, while LNG cargoes to Mexico and the UAE resumed for the first time after a long interruption, the company added.


LNG World News Staff

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