Russian Gazprom's natural gas export revenue fell by 51.2% to $11.3 billion in the first half of the year compared to the same period of 2019, according to the newly released data of the Russian Federal Customs Service.
Over the first half, Gazprom's gas export volume via pipeline decreased by 17.8% to 91.1 billion cubic meters compared to the same period last year.
Moreover, Gazprom's export price for 1,000 cubic meters of natural gas fell by 13% to $82 in June compared to the previous month.
Analysts point out that in order for the company to profit from natural gas exports, the price of 1,000 cubic meters of natural gas must be above the range of $90 to $100
Gazprom's net profit decreased by 17% in 2019 compared to the previous year, falling to 1.2 trillion rubles (about $17 billion).
Gazprom, one of the world's largest natural gas producers, is the only company in the country that has been legally authorized to export natural gas through pipelines.
Reporting by Emre Gurkan Abay in Moscow
Writing by Firdevs Yuksel