Gazprom profits suffer from Ukraine, oil slump and rouble's fall
- 9 years ago
Net profit at Russia’s Gazprom fell 35 percent during the last nine months.
Earning at the world’s top gas producer were hit by a payment dispute with Ukraine and currency losses from the slumping value of the rouble.
Gazprom also predicts a bleak future, with plunging oil prices possibly curtailing its investment plans.
“Further falls (in oil) may negatively affect our business … (and) the ability to finance planned capital investments,” Gazprom said in a statement for its nine-month results ending in September, referring to oil prices which have fallen 60 percent since June.
Gas prices are linked to those of oil, they usually lag oil by six to nine months. The company’s results also include its oil business
Gazprom did say it does not want to “endanger the well-earned trust” of its European partners which get around a third of their gas needs from Russia, half of which come via Ukraine.
Earning at the world’s top gas producer were hit by a payment dispute with Ukraine and currency losses from the slumping value of the rouble.
Gazprom also predicts a bleak future, with plunging oil prices possibly curtailing its investment plans.
“Further falls (in oil) may negatively affect our business … (and) the ability to finance planned capital investments,” Gazprom said in a statement for its nine-month results ending in September, referring to oil prices which have fallen 60 percent since June.
Gas prices are linked to those of oil, they usually lag oil by six to nine months. The company’s results also include its oil business
Gazprom did say it does not want to “endanger the well-earned trust” of its European partners which get around a third of their gas needs from Russia, half of which come via Ukraine.