Gazprom will be able to sell even more gas to Europe when the Nord Stream 2 pipeline to Germany is completed (Tobias SCHWARZ)

Moscow (AFP) – Russian energy giant Gazprom on Monday announced a two-fold jump in its net profit for 2018 as the volume and price of gas exported to Europe both rose from the previous year.

The state-controlled group’s net profit last year rose to 1,456 billion rubles ($22.5 billion), compared to 714 billion rubles in 2017, according to an earnings statement.

Operating profit more than doubled over the year to 1,903 billion rubles, while revenue climbed 26 percent year-on-year to 8,224 billion rubles.

Sales to Europe and Turkey, Gazprom’s most lucrative area, rose a little more than 3 percent to reach 201 billion cubic metres last year despite geopolitical tensions and calls for the EU to diversify supply sources.

Gazprom’s European market share has increased in recent years, reaching around one third of total consumption. 

The company’s exports to former USSR republics were up 8.9 percent while domestic sales increased by 4.3 percent.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.