Russia's Exporter Gains from weak Currency

The weak Russian rouble enhanced Gazprom’s net gas sales in the first three quarters of 2015, helping it towards a 9% increase to a total Rb2.27 trillion ($29.3bn), it said January 15. Gazprom’s shareholders, of which the government is the biggest, banked a nine-month profit of Rb690.3bn, up 21% on the same period of the year before.

It also paid out Rb12bn in retrospective price adjustments.

Europe and other countries outside the former Soviet Union paid 17% more for their gas, or Rb1.4 trillion in total, thanks to a 20% increase in the average rise in the rubles price – including excise tax and customs duties – compared with the same period of the prior year. Sales were up 2%, by 2.8bn m³.

Net sales of gas to former Soviet Union countries fell 4%, to Rb292bn compared with Q1-3 of 2014. Gazprom sold 26% less gas, which was partly offset by a 19% rise in the average ruble price including customs duties.

Sales in the Russian Federation fell 2%, to Rb538.6bn which is primarily explained by a 5% drop in volume.

Operating expenses rose 5% to Rb3.2 trillion for the nine months. Mineral extraction taxes and property taxes were up, but there was also a whopping 34% rise in transit fees for oil, gas and products, thanks to a stronger dollar and euro which accounted for more than twice as much money as the taxes did.

Net debt rose by Rb372.086bn over the course of the year to September 30, owing to a stronger dollar and euro and higher long-term and short-term borrowings.

Units: Rb mn (unless otherwise stated)

Source: Gazprom