Gazprom net profit expected to hit USD 30bn

Russian energy giant Gazprom expects its net profit to hit USD 30bn in 2008 against USD 25bn a year earlier, Gazprom CEO Alexei Miller said.

Izvor: Ria novosti

Sunday, 19.10.2008.

13:16

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Russian energy giant Gazprom expects its net profit to hit USD 30bn in 2008 against USD 25bn a year earlier, Gazprom CEO Alexei Miller said. Speaking in a live interview with TV program Vesti on Saturday, Miller said that the energy giant's revenues were expected at around USD 100bn in 2008. Gazprom net profit expected to hit USD 30bn Miller said the ongoing global financial crisis was not a disturbing factor for Gazprom. "We feel absolutely confident. I can say that today Gazprom is operating in price conditions that are very favorable for the company. The era of cheap oil and gas has ended. Even despite the financial crisis, the prices of hydrocarbons will all the same remain high. Moreover, experts say they are expected to rise in the medium term perspective," Miller said. Miller earlier said that Gazprom saw no risks for itself in spite of problems on global financial markets, adding that the price of natural gas supplied by the energy giant to Europe had hit a historical high of USD 500 per 1,000 cubic meters on October 1.

Gazprom net profit expected to hit USD 30bn

Miller said the ongoing global financial crisis was not a disturbing factor for Gazprom.

"We feel absolutely confident. I can say that today Gazprom is operating in price conditions that are very favorable for the company. The era of cheap oil and gas has ended. Even despite the financial crisis, the prices of hydrocarbons will all the same remain high. Moreover, experts say they are expected to rise in the medium term perspective," Miller said.

Miller earlier said that Gazprom saw no risks for itself in spite of problems on global financial markets, adding that the price of natural gas supplied by the energy giant to Europe had hit a historical high of USD 500 per 1,000 cubic meters on October 1.

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