Gazprom sees 17% decline in profit

Russian state-owned gas giant Gazprom’s net profit made up RUB 1.2 trillion ($16.3 billion) in 2019, down 17% from 2018, Report informs, citing foreign media.

Last year, incomes of company amounted to RUB 7.6 trillion ($103.1 billion), which is 7% less than the previous year.

The company’s debt in the reporting period increased 5.1% to RUB 31 trillion ($42.1 billion).

The company says the profit declined because the volume and the price of gas exported to Europe dropped 4% and 15%, respectively.

Gazprom meets 35% of Europe’s need for blue fuel.