Gas prices have surged on tight supply amid a broad economic recovery
Russia’s Gazprom on Monday reported its highest ever quarterly net profit at 581.8 billion roubles ($7.8 billion) for the third quarter reflecting high natural gas prices.
The Kremlin-controlled company, which a year ago suffered a loss of 251 billion roubles, benefited from record-high natural gas prices in Europe, its key source of revenue.
Gazprom shares were up by around 3 percent in early trade in Moscow.
Gas prices have surged on tight supply amid a broad economic recovery.
Some politicians and experts have blamed Gazprom for not supplying enough gas to alleviate the crisis. The company has said it meets all its obligations on supply.
Gazprom said its average gas price in Europe and other regions jumped to $313.40 per 1,000 cubic meters in the third quarter from $117.2 a year earlier.
Gazprom said its July to September revenue rose to 2.4 trillion roubles, also a quarterly record high, from 1.4 trillion a year earlier.
