Gazprom profits up in Q2

RUSSIA / FSU POLITICS - In Brief 03 Sep 2021 by Alex Teddy
On August 30 the gas giant announced that its Q2 earnings were more than 200% higher YoY. The price for natural gas has risen sharply. Net profit was USD 7 billion. The state-controlled company is also very optimistic about Q3 results when they come in. In April and June 2021 results were very good as demand for natural gas soared. Bear in mind that April and June are usually not good months for Gazprom as people do not need domestic heating then. The world economic recovery is very good news for Gazprom. As its product is needed for heating it knows that even in a bad year its results will never be disastrous. Gazprom exports to the EU were up 23% YoY in 2021. Most of Gazprom's exports go to the EU. In August 2020 Gazprom had to restrict exports to the EU due to a fire at a Gazprom gas processing facility. Gazprom is increasingly sanguine about Nord Stream 2. Despite a court case setback the pipeline is co close to completion that it is seemingly unstoppable. Biden has given up trying to prevent it. Germany and other EU states are adamant that it go ahead. Many EU companies are heavily invested in it. The USD 12 billion pipeline will increase natural gas shipments to Germany by 100%. It will also obviate the need to pay gas transit fees to Ukraine.

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