Gazprom Neft commissioned the EURO+ complex at the Moscow Refinery earlier this year. Credit: Gazprom Neft PJSC.

Russia’s Gazprom Neft has reported a net profit of $2.92bn (RUR217.2bn) for the first half of 2021, an increase of 26 times compared to $110.9m (RUR8.232bn) in the same half of last year.

The oil business of Russian state gas company Gazprom reported revenues of RUR1,338tn, a surge of 46.6% compared to RUR912.833bn in H1 2020.

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Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 138.8% to $5.85bn (RUR434.6bn) in H1 2021 compared to $2.45bn (RUR181.98bn) a year earlier.

Gazprom Neft attributed this increase to a surge in prices of oil and petroleum products, and higher sales of domestic petroleum products.

The company’s hydrocarbon production in H1 2021 was 48.5 million tonnes of oil equivalent (Mtoe), flat year-on-year.

Refining volumes for H1 2021 increased by 5.9% to 20.7Mt compared with 19.50Mt in the same period of 2020.

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Gazprom Neft CEO and management board chairman Alexander Dyukov said: “Gazprom Neft demonstrated significant growth across all key financial indicators in the first half of 2021, effectively exploiting every available market opportunity.

“Throughout the second half of 2021, the company will focus on increasing hydrocarbon production in response to new market opportunities, efficiency improvements across all processes and further technological development.”

“One of our top priorities is ensuring high shareholder value, including through paying dividends of at least 50% of the company’s net profit.”

The company has set a goal to deliver a 30% carbon intensity reduction by 2030.