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Gazprom's net proceeds from gas sales to Europe increased by 93%

Russia / Europe

Adjusted EBITDA increased by 134% for the six months ended June 30, 2021 compared to the same period last year and amounted to RUB 1,403,981 million.

Gazprom's net proceeds from gas sales to Europe increased by 93%

Net gas sales to Europe and other countries increased by RUB 702,414 million, or 93%, in the six months ended June 30, 2021 compared to the same period last year and amounted to RUB 1,458,693 million.

Gazprom explained the sharp rise in the profitability of the European hydrocarbon market by an increase in average prices (including excise and customs duties) denominated in rubles by 63% and an increase in gas sales in physical terms by 23%, or by 22.4 billion cubic meters. At the same time, average prices denominated in US dollars increased by 53%.

As a result of increased European revenues, Gazprom's net gas sales revenue increased by RUB 833,968 million, or 60%, in the six months ended June 30, 2021 compared to the same period last year and amounted to 2,220,557 million rubles.

For the six months ended June 30, 2021, profit attributable to shareholders of PJSC Gazprom amounted to RUB 968,498 million.

The price of the nearest (October) futures on the TTF spot index on the ICE Futures exchange for gas continued to rise on Monday evening, taking the mark of 49.26 euros per kWh, or $ 600 per thousand cubic meters, according to the exchange data.

At the end of 2021, the almost completed Nord Stream 2 gas pipeline is expected to be launched. The issues of regulating the operation of the highway are currently being considered by the relevant regulatory authorities.

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