European sales push Gazprom profits up 4pc

MOSCOW: Russia's natural gas giant Gazprom reported on Thursday a four-percent jump in profits through the first nine months of 2013 thanks to strong sales to Europe that offset declines in supplies to ex-Soviet states.

The world's largest natural gas company reported profits attributed to Gazprom owners of 858.77 billion rubles ($25.2 billion / 18.6 billion euros).

The state-owned firm said its sales to Europe rose by 15 percent "primarily due to an increase in volumes of gas sold... that was reinforced by an increase in average prices in ruble terms".

Its sales to former Soviet republics fell by 25 percent "due to a decrease in average prices in ruble terms... and a decrease in volumes of gas sold".