Big jump in sales helps Gazprom

The world’s largest producer of gas made 743bn roubles ($22.5bn; £15.2bn) in 2008, 13% more than in 2007 but some way short of analysts’ expectations.
Sales rose by 45% compared with a year earlier, but tailed off at the end of 2008 due to the economic downturn.
The company warned that trading conditions in 2009 would be tougher.

„This increase was primarily due to the increase in the volume of gas sold to Europe and other countries and higher gas prices in all geographical segments,“ Gazprom said.
But it warned that falling demand and gas prices would have a big impact on earnings this year.
„The negative macroeconomic background characterised by the slump in global oil prices in the second half of 2008 and an ongoing decrease in demand for fuel will have a significant impact on the group’s financial results in 2009,“ the company said.
Gazprom is Russia’s largest company, and the largest gas provider in the world.