The natural gas export revenue of Russian energy giant Gazprom increased by 95% to $28.4 billion in the first eight months of 2021 compared to the same period last year.
According to the latest data from the Russian Federal Customs Service, Gazprom's natural gas export volume through pipelines grew by 11.7%, rising to 140.6 billion cubic meters in the January-August period compared to the same period last year.
One of the world's largest natural gas producers, Gazprom, is the only company authorized to export natural gas through pipelines in Russia.
Analysts say the price of 1,000 cubic meters of natural gas must be above the $90-100 threshold in order for the company to profit from natural gas exports.
- Oil export revenue up over 36.5%
Russia's oil exports revenue also expanded by 36.5% to $67.4 billion year-over-year.
The country's oil export volume decreased by 6.8% to 150.6 million tons in the first eight months of the year.
Oil and gas exports make up about 40% of the federal budget in Russia.
By Sibel Morrow