Home News Gazprom made a huge profit last year amid rising oil and gas...

Gazprom made a huge profit last year amid rising oil and gas prices


The Russian-controlled company also reported that its sales rose 62% to 10.241 billion rubles, the highest annual result ever recorded, while operating profit quadrupled to 2.411 billion rubles.

“The main factor that affected the financial results was the increase in gas and oil prices. This led to an increase in sales but also to an increase in costs for gas and oil purchases,” Gazprom reported.

In an interview with an internal publication in late December, Gazprom’s deputy general manager, Famil Sadygov, said at the time that Gazprom would pay dividends of more than 45 rubles per share for 2021. That would mean a sum of almost three times higher than the previous record in 2018.

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But Western sanctions imposed on Russia after the invasion of Ukraine have already prompted a number of Russian companies to postpone and even stop paying dividends. The Russian Ministry of Finance has announced that it will analyze the situation of dividends paid by state-owned companies based on a case-by-case analysis.

“With more than 50% of the shares under government control, Gazprom dividends make a crucial contribution to the state budget,” said analysts at brokerage firm Aton.

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