Gazprom Sells less at Higher Prices in Q1

Russian gas monopoly Gazprom sold 13% less gas in its key export markets in Q1 this year compared with the same period of 2018, but the price was 30% higher, according to its IFRS results published May 30. Total sales of gas increased 7%, to rubles 1.304 trillion for the three months compared to the same period of the prior year, thanks mainly to receipts from countries outside the former Soviet Union.

Sales to countries outside the former Soviet Union totalled 62.4 (Russian) m³, down from 71.5bn m³ in 2018. But the price was higher, at rubles 17,053/'000 m³ (including tax and customs) up from rubles 13,155/'000 m³ in the same period 2018. Average prices denominated in US dollars rose by 12% and net sales were up 10% at rubles 837.4bn.

Net sales of gas to former Soviet Union countries rose 5%, to rubles 117.5bn. The change was due to 25% higher prices (including customs duties) denominated in rubles. The amount sold fell 13%, or 1.9bn m³ to countries outside the Russian Federation.

The company reported an operating profit little changed from Q1 2018, at rubles 458.8bn, down from rubles 467.6bn; but mainly owing to higher finance income and lower finance expense, the final figure was up sharply at 553.5bn, from rubles 392.2bn.