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Gazprom net profits up 7,3 percent

Russian energy major Gazprom in 2007 had net profits of 658 billion RUB (17,9 billion EUR), which is up 7,3 percent from 2006.

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The total turnover of the company amounted to 2,39 trillion RUB, the company confirms in a new financial report.

Most of the Gazprom’s extra earnings come from domestic gas sales and sales to former Soviet republics. Revenues from domestic sales were up 12 percent year-on-year, while revenues from sales to the former Soviet republics were up 22 percent. Net revenues from sales to the countries in the “far abroad”, most of them EU countries, were up three percent.

Gazprom is the largest extractor of natural gas in the world. It accounts for about 93 percent of Russian natural gas production. With reserves of about 30,000 km³, it controls more than 15 percent of the world’s gas reserves. European Union as a whole gets about 25 percent of its gas supplies from this company.