Russian oil major Gazprom Neft post a 29.2% increase in net profit on year for the first (1H) of 2019 due to higher production growth at major projects, a more favourable pricing environment, and effective management initiatives.
It recorded net profit of RUB 215.0 billion (USD 3.23 billion) in 1H 2019, an increase from RUB 166.5 billion in the similar period of last year.
Revenue in the first six months of 2019 totalled RUB 1.215 trillion, an increase of 6.8% year-on-year.
The company increased sales of oil products through premium channels in 1H 2019, with sales of bitumen materials, in particular, increasing by more than 15%, sales of lubricants by 6.7%, and sales of bunkering fuels by more than 22%.
It did not provide figures for sales of oil products.
Gazpromneft Marine Bunker, the operator of the bunker business of Gazprom Neft, in May said it has entered into new agreements with cruise companies Royal Caribbean International and Saga Cruises adding 55,000 metric tonnes (mt) of fuel for deliveries during the summer navigation from May to September 2019.
The bunkering arm in June signed a cooperation agreement with FSUE Rosmorport and Sovcomflot Group regarding the implementation of projects for bunkering ships with liquefied natural gas (LNG) as fuel.
Related: Gazpromneft in new bunker agreements with cruise companies
Related: Sovcomflot and Gazprom Neft agree to cooperate on LNG bunkering
Related: Russia: Gazpromneft and Rosmorport to cooperate in LNG bunkering
Related: Russia: LNG as marine fuel ‘opens up very good prospects for us’
Related: Gazprom Neft Marine Bunker posts 10% rise in 2018 sales volume
Photo credit: Gazprom Neft
Published: 19 August, 2019
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