In the second quarter of 2019, Gazprom’s revenues from gas exports fell by 40%

In the second quarter of 2019, the Russian monopoly Gazprom received 38% less revenue from Russian gas exports than in the first quarter of this year.  RBC reports about it.

According to the Central Bank (CB), in the first quarter of this year Russian gas was exported for $14.1 billion, while in the second quarter it was only $8.7 billion. For comparison, in 2018, revenues from natural gas exports in the first and the second quarter amounted to, respectively, $12.7 billion and $11 billion.

 The Central Bank reports do not indicate the reason for the decline in revenues from Russian gas exports, and Gazprom has not published a report for the second quarter of this year yet.

 Owner of Lombi Gas Marketing&Trading s.r.o.  Roman Matsayev said that the main reason for the fall in Gazprom’s export earnings was the fall in gas prices this spring from €18–20 per 1 MWh at the TTF hub in March, to €15–16 in April.  At the same time, on some days in May, the price of gas fell below €10 per 1 MWh (at €9 per 1 MWh, the profitability of selling American LNG to Europe comes).  At the same time, in April-May Gazprom increased gas exports not only to consumers, but also for the purpose of pumping gas into its own European underground gas storage facilities.  In addition, during this period, Turkey reduced the purchase of Russian gas.

 

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Tags: Gazprom, gas, hydrocarbon production, EU, USA, UGSF, gas transit, RF, foreign affairs

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