Employees work at the Alexander Zhagrin oil field operated by Gazprom Neft in Khanty-Mansi Autonomous Region – Yugra, Russia, in this photo published August 30, 2022. Stoyan Vassev / Gazprom Neft Press Service /Handout via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY THIRD PARTY. NO ANSWER. NO STOCK. CREDIT MANDATORY.
Stoyan Vassev | Gazprom Neft Press Service | via Reuters
Russian gas giant Gazprom posted a record first-half profit and promised a new dividend to shareholders, sending its shares soaring more than 27% in early Moscow trading on Wednesday. Private.
The majority state-owned energy company said its board proposed a dividend of 51.03 Russian rubles ($0.85) per common share for the first half of 2022. Reporting first-half earnings on Tuesday, Gazprom announced a record dividend of 2.5 trillion rubles ($41.75 billion) in net profit.
The group’s share price jump has put the Russian dollar RTS index 3.6% higher and in ruble MOEX Russia Index 4.7% higher at the end of the morning in Moscow.
The company has been at the forefront of concerns about the flow of Russian gas to Europe due to the invasion of Ukraine and subsequent economic sanctions against Moscow from Western powers, prompting the European Union to quickly seek alternative energy sources.
Gazprom announced on Tuesday that it will stop shipping gas to Europe through its main Nord Stream 1 pipeline for three days from Wednesday, citing maintenance requirements. The group has also suspended flows to the French utility Engie from Thursday, citing a payment dispute.
