Gazprom records a record quarter thanks to rising gas prices

FILE PHOTO: The Gazprom logo written in Cyrillic characters at a gas station in Moscow, Russia, on March 11, 2016. REUTERS / Maxim Shemetov

MOSCOW, Nov 29 (Reuters) – Russian company Gazprom reported the highest quarterly net profit in its history on Monday, 581.8 billion rubles ($ 7.8 billion), thanks to high natural gas prices in the third quarter.

The Russian government-controlled company, which suffered losses of 251 billion rubles a year ago, benefited from record prices for natural gas in Europe, its main source of income.

Gazprom shares rose about 3% in early trading Monday in Moscow.

Gas prices have skyrocketed due to the shortage of supply in full economic recovery after the pandemic. Some politicians and experts have blamed Gazprom for not supplying enough gas to alleviate the crisis. The company has said that it meets all its supply obligations.

Gazprom said its average gas price in Europe and other regions rose to $ 313.40 per 1,000 cubic meters in the third quarter, from $ 117.2 a year earlier.

Gazprom said its July-September revenue rose to 2.4 trillion rubles, also a quarterly record, from 1.4 trillion the previous year.

(1 dollar = 74.9404 rubles)

(Reporting by Vladimir Soldatkin and Oksana Kobzeva; editing by Jason Neely; translation by Darío Fernández)

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