Cold winter boosts Gazprom

first_img Cold winter boosts Gazprom RUSSIA’S Gazprom, the world’s biggest gas producer, beat forecasts for first-quarter sales and profit, as a surge in domestic revenues offset a sharp drop in prices to European customers.Gazprom supplies a quarter of the European Union’s gas needs, but economic weakness has slashed demand, and some customers there have secured lower prices on long-term contracts, citing cheaper fuel on spot markets.Gazprom’s total revenue increased 14 per cent to 956.8bn roubles (£20.2bn), compared with a Reuters poll estimate of 946.6bn, as domestic sales jumped 47 per cent.Export sales, mostly to Europe, Gazprom’s biggest gas export market, declined by 22 per cent to 286.22bn roubles, as a 36 per cent drop in prices outweighed a rise in sales volumes of 37 per cent.Gazprom said it did not expect any further contract revisions, but abandoned its previous projections for an increase in European sales to 145bn cubic metres this year from 142 bcm in 2009.“We expect gas sales [volumes] to Europe in 2010 to be flat compared to 2009,” chief financial officer Andrei Kruglov said.Gazprom’s free cash flow for the quarter hit a record 233bn roubles, nearly triple the amount for all of 2009, which put it in a more comfortable position to manage its 977bn roubles net debt, which it said it would continue to cut after having cut it by nearly 30 per cent in the three months.Earnings before interests, taxes, depreciation and amortisation rose to 407bn roubles from 337bn roubles a year ago and 334bn roubles in the last quarter of 2009. KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their Share Tags: NULL Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia whatsapp Thursday 2 September 2010 7:30 pmlast_img

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