JRL NEWSWATCH: “Russian oil and gas groups shrug off sanctions; Higher crude prices and weakened rouble bolster producers’ profits” Financial Times/Henry Foy

August 31, 2018 JRL Russia List Economy, Business, Investment, Trade, JRL NewsBlog, Oil, Gas, Energy, Sanctions

“Higher energy prices and a weakened rouble saw second-quarter profits soar at three of Russia’s largest oil and gas groups … the country’s energy industry … has weathered international sanctions to reap strong earnings. Gazprom, the world’s largest gas producer, said … second-quarter profits had risen an annual 440 per cent … both exports to Europe and average prices jumped. Lukoil, the country’s second-largest oil producer, reported a 21 per cent rise in profits… profits more than tripled at Surgutneftegas, the country’s number four crude producer. …”