Gazprom Sells Less, Prices down Q1-3

Russian gas giant Gazprom saw its net sales of gas fall 8%, to rubles 2,808,726 ($43,796)mn for the nine months ended September 30, 2019 compared with the same period last year. The change was mainly due to a cut in sales and in the average price of gas exported to Europe and other countries, it said November 29.

Net sales of gas to Europe and other countries fell 12%, to rubles 1,883,980mn as it sold 8% less gas and prices fell 5% in ruble terms or 10% in US dollars. There was no 'beast from the east' this year and LNG imports have been very high. And Turkey has been buying less pipeline gas from Russia. The average sales price was rubles 13,966/'000 m³, including customs and excises.

Net sales of gas to former Soviet Union countries rose 6% to rubles 250,612mn , mainly owing to the higher average price (including customs duties): 8% in rubles or 2% in US dollars. The average sales price was rubles 10,361/'000 m³, including customs. On the domestic market, sales rose 5%, to rubles 666,125mn, again owing to higher ruble prices. The average sales price was rubles 4,089.5/'000 m³.

Operating expenses rose about 4%, mainly owing to foreign exchange rate differences of receivables from foreign customers. In its press statement it did not mention the extra payment to Ukraine for transiting gas that last year flowed through Opal. Profit attributable to shareholders Gazprom amounted to rubles 1,048,286mn, 3%, more than for the same period last year.