Gazprom Posts Ridiculous $16 Billion Profit As Europe Keeps Guzzling Its Gas

Gazprom natural gas


Worker at a Gazprom gas plant

Gazprom has released its financial information for the first quarter on its website, revealing huge profits of 468 billion rubles ($16.24 billion).Sales rose 38% in the first three months of the year, which Bloomberg largely puts down to Europe’s recovering demand for gas and new higher prices.

The 50% state owned gas monopoly looks set to beat 2010s profits, already the greatest in its history. It currently accounts for 1/8th of Russia’s GDP.

Gazprom currently supplies one quarter of Europe’s gas, and is looking to expand to China and Korea.