Russian gasoline big Gazprom reported a 17 p.c drop in 2019 internet revenue resulting from decrease costs and declining demand in Europe.

Image courtesy of Gazprom

Gazprom’s internet revenue reached 1.2 trillion Russian roubles ($16.three billion) final yr. This compares to 1.46 trillion roubles in 2018.

Operating income additionally fell by 42 per cent to 1.12 trillion roubles and whole gasoline gross sales had been down seven per cent year-on-year.

Total gross sales of gasoline decreased to 7.7 trillion roubles final yr from eight.2 trillion roubles in 2018.

“This was primarily resulting from a lower in common costs and volumes of gasoline offered within the phase Europe and different international locations”, Gazprom stated.

Sales to Europe and Turkey, which account for many of Gazprom’s income, fell by 4 per cent in quantity to 232.four billion cubic meters.

Gazprom stated that the lower was resulting from “climate circumstances and better LNG provides, in addition to the financial scenario in sure international locations, primarily Turkey”.

Gazprom’s share of the European gasoline import market in 2019 stood at 35.5 per cent, in accordance with the Russian firm.

The firm’s large-scale LNG gross sales totaled three.78 million tonnes final yr, or 5.04 Bcm, representing a lower of 27 per cent year-on-year.

China, India, UK, Spain, South Korea, and Japan had been the important thing patrons of Gazprom’s LNG.

The put up Gazprom’s internet revenue dips appeared first on Offshore Energy.

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