Wednesday 29 April 2015

Gazprom profits hit by weak rouble

Gas pipes owned by Gazprom in Kiev

Russia's largest energy company, Gazprom, has reported a big drop in annual profits after being hit by the fall in the value of the rouble.
The company reported a net profit of 159bn roubles ($3.1bn: £2bn) for 2014, down 86% from a 1.14-trillion-rouble profit the year before.
Last year's fall in oil prices also contributed to the plunge in profits.
At the same time, a debt and pricing dispute meant Gazprom cut gas supplies to Ukraine, one of its key markets.
Gas sales to Europe and other countries declined by 8.5%.

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