Russia’s Gazprom reports record earnings amid global gas crisis

Russia’s Gazprom reports record earnings amid global gas crisis

Russia’s state gas company has reported record earnings for the third quarter of the year after profiting from a global gas crisis that has ignited historic energy market highs across Europe.

Gazprom, the world’s largest gas producer, said it expected even higher profits for the final months of the year as its customers in Europe brace for a winter energy crisis and record high costs.

Its better-than-expected financial results included a net income of 581.8bn rubles (£5.86bn) from July to September compared with a net loss a year ago after the average gas price it earned from buyers in Europe increased to $313.40 per 1,000 cubic metres from $117.2 in 2020.