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Gazprom has published
its
financial report for H1-2009. The results show that the Russian
gas monopoly is unable to control gas production and transmission
costs. Compared to the average costs of 2008, the reported gas
production cost of Q2-2009 was up 33% and transmission cost per 1000
cubic meters of marketed gas soared 36%. Note that the growth from
Q1 to Q2-2009 can not be explained by the drop in production and
sales.
Table
1. Gas Production and Transmission Costs of Gazprom
|
|
2006 |
2007 |
2008 |
Q1-2009 |
Q2-2009 |
|
Gas production
cost, Rub per 1000 cub m |
372 |
421 |
474 |
521 |
631 |
|
Transmission
cost, Rub per 1000 cub m of marketed gas |
567 |
680 |
846 |
959 |
1151 |
Table
2. Growth of Gas Production and Transmission Costs of Gazprom
|
|
2006/2005 |
2007/2006 |
2008/2007 |
Q2-2009/ Ave 2008 |
2009
Q2/Q1 |
|
Gas production
cost |
11% |
13% |
13% |
33% |
21% |
|
Gas transmission
cost |
10% |
20% |
25% |
36% |
20% |
This year, Gazprom
introduced a new reportable business segment - Gas Storage. The
storage costs and benefits are reported a peculiar way. Storage
operations are unprofitable during the gas withdrawal period in Q1
(when underground storage facilities sell gas to the pipeline
system) and become profitable with the start of injection period in
Q2 (when the facilities buy gas).
Mikhail
Korchemkin
November 13, 2009
Malvern, Pennsylvania,
USA
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