RUSSIAN state-controlled gas monopoly Gazprom has enjoyed a surge in profits so far this year, as strong gas deliveries to Europe, Turkey and China were buoyed by soaring sale prices. The monopoly delivers natural gas to European customers under long-term contracts where the price is understood to be determined by an index of average prices for oil and products. Gazprom reported the net price from exports to Europe almost tripled to an average of $247 per thousand cubic metres in the third quarter as against $92 per thousand cubic metres in the same period last year, but still far below soaring spot market prices. The net price reported by Gazprom excludes export tax and excise taxes paid to the Russian government after its gas is transported outside the country.
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