Gazprom said today its earnings had recovered in the first quarter after last year’s fall in demand and prices caused by the coronavirus pandemic. — Reuters picMOSCOW, May 28 — Russian energy giant Gazprom said today its earnings had recovered in the first quarter after last year’s fall in demand and prices caused by the coronavirus pandemic.
Its sales between January and March were up more than 30 per cent year-on-year at 2.29 trillion roubles. Gas exports to Europe, from which Gazprom derives the bulk of its profits, were up more than 25 per cent in the first quarter, with average prices in roubles also increasing by more than a third year-on-year.The state-controlled company faces controversy surrounding the Nord Stream 2 pipeline between Russia and Germany that will run under the Baltic sea.