Gazprom Benefit from Weak Ruble
Gazprom’s profit for the first six months of 2015 has increased by 50% compared to the same period last year.
The Russian gas giant made a net profit of 675.9 billion rubles (€8.9 billion) in the first half of 2015. The increase is due to gas being priced in dollars and the rubles significant drop to other major currencies throughout the world.
Gazprom’s turnover during the first six months of this year increased 1.4% compared to the first half of 2014. However, the volume of gas being exported in volume has decreased by 6.5%. Much of this decrease has come from lower supplies to the Ukraine and Lithuania’s installation of an LNG plant at the port of Klaipeda. Lithuania now import much of its gas from Norway’s Statoil in the form of liquid natural gas.
As Gazprom’s gas is primarily located in mainland Russia, its costs to extract it are in rubles. Revenues however, continue to be mostly priced in US dollars.
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