The export revenue of Russian energy company Gazprom increased year on year by 120% to $55.5 billion in 2021, according to the latest data of the Russian Federal Customs Service.
The data shows that the volume of natural gas exports through Gazprom pipelines increased by 0.5% in 2021 compared to the previous year, reaching 203 billion cubic meters.
Gazprom's export price for 1,000 cubic meters of natural gas increased month on month by 2.7% in December last year to reach $517. The average export price last year was $273 per 1,000 cubic meters, marking an excess from the market fundamentals that determine a profit margin of between $90 and $100.
Russia's oil export revenue also saw a significant annual increase of 51.8% to $110 billion in 2021.
Under Russian legislation, Gazprom, one of the world's largest natural gas producers, is the only company authorized to export natural gas through pipelines.
Reporting by E. Gurkan Abay in Moscow
Writing by Murat Temizer