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Russian gas giant Gazprom doubles profits
AFP
MOSCOW
Petroleumworld.com 06 29 07Russian gas giant Gazprom said Thursday that its net profit last year had doubled compared with 2005 to 636.46 billion roubles (18.3 billion euros, 24.6 billion dollars).
Gazprom, the world's biggest producer and exporter of gas, said that its acquisition in October 2005 of Sibneft, which became its oil arm Gazprom Neft, along with an increase in oil and gas prices had affected the comparison of figures from one year to the other.
Sales over the year, after excise and customs duties and value-added tax had been deducted, came to 61.96 billion euros, an increase of 55.5 percent.
Sales of natural gas increased by 36 percent to 40.64 billion euros, mainly due to the increase in the price of gas in Europe and the former Soviet Union as well as an increase in the volumes sold, the group said.
Sales of gas in Europe increased by 37 percent to 24.35 billion euros, due largely due to higher prices, with the volume of gas sold increasing by only three percent.
Sales of gas in the countries of the former Soviet Union increased by 93 percent to 6.13 billion euros, while sales of gas in Russia increased by 15 percent to 1.32 billion euros.
The group said that net profit in the fourth quarter of the year came to 4.87 billion euros, an increase of 148 percent on an annual basis.
The results were released ahead of Gazprom's general assembly of shareholders on Friday.
AFP 28 1618 GMT 06 07
Copyright© 2007 AFP. All Rights Reserved.
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