The Russian gas giant Gazprom posted higher-than-normal sales for the first half of the year, said UPI.
Profits for the firm for the first six months are up 50% over a year ago, listed at roughly $10b. Revenue also rose 1.4%. Gazprom listed strong demand from European customers—traditionally a very strong base for the company.
“The increase in sales is mainly driven by an increase in gas sales to Europe and other countries,” noted Gazprom in a statement.
The Sydney Morning Herald also noted that the weaker Ruble exchange rate also aids Gazprom’s current financial statement.
“Gazprom full-year profit could be flat or slightly higher thanks to the rouble depreciation even as its export gas prices continue to drop,” said Maxim Moshkov, an energy analyst at UBS in Moscow.
Fitch Ratings last week issued a BBB- grade to the company, saying that while Europe will remain an important customer of Gazprom, uncertainty over geopolitical issues involving Ukraine, continue to dog the rating.