LNG

Aug 30 (LNGJ) - Russian natural gas company Gazprom, whose pipeline supply is the main competition to LNG in Europe, posted a 7 percent fall in quarterly net profits to 245 billion rubles ($3.7Bln). Gazprom supplies around 30 percent of European natural gas needs and contracts are linked to the crude oil price. On a six-monthly basis, net sales of gas increased by 136Bln rubles, or 8 percent, to 1.75 trillion rubles for the period ending June 30. Net sales of gas to Europe and other countries increased by 181Bln rubles, or 19 percent, to 1.12 trillion rubles. “This was mainly driven by the increase in volumes of gas sold by 36 percent, or 29.0 billion cubic metres, which was partially offset by the decrease in average Russian ruble prices,” Gazprom said.