Tax drop and weak rouble fuel Gazprom profit rise

Feb 2nd, 2010 | By | Category: Asides

Russian energy giant Gazprom has revealed its profits surged 33 per cent between July and September 2009. Lower taxes and foreign exchange gains owing to a weakening of the rouble against the dollar have been credited with the rise.

Gazprom, which meets around a quarter of Europe’s gas needs, said net profit for the third quarter of last year increased to 174.63 billion roubles from 131.65 billion roubles a year earlier. Its market share had previously dropped because of a rise in the use of alternative energy sources in Europe.

Although Russia accounts for around a fifth of the world’s gas output and 12 per cent of global oil production, the US overtook the country last year as the world’s biggest producer of natural gas, partly because of increased output of shale-gas.

Gazprom also revealed this week that it paid off $4 billion in debt at the end of 2009, cutting the 1.5-trillion rouble debt reported for the end of the third quarter of last year.

Meanwhile, Rosneft – the number one oil firm in Russia – has announced that its net income for 2009’s October-December period more than doubled because of higher oil prices and increased production at its key East Siberian oil field.

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