Gazprom’s revenues surge on rising natural gas prices

Export proceeds of Russian state-run energy giant Gazprom saw an enormous increase of 73% from January to June 2021 compared to the same period a year ago, according to Russia’s Federal Customs Service.

In monetary terms, the growth amounted to $20.01 billion, while the physical volume of exports totaled 108.4 billion cubic meters, marking a growth of 15.3%.

In June, Gazprom exported $3.556 billion-worth of natural gas – an increase of 11.6% on the previous month. While the physical volume of exports remained the same, at 15.7 billion cubic meters, the rising cost for natural gas accounted for the growth in revenue.

READ MORE: European gas prices jump to record highs amid drop in deliveries from Russia

According to the data tracked by the customs service, the average export price of Russian gas in June surged to $226.5 per 1,000 cubic meters, compared to $199.7 in May and $185.5 in April.

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