Gazprom becomes world's number 1 in net profit second year, again

Russia's energy major Gazprom showed record financial results for the second year running in 2011. The company beat not only other energy companies, but became the only company in the world with a net profit topping $40 billion.

­"Gazprom has showed record financial results for 2011”, Gazprom’s CEO Aleksey Miller told the company’s annual general meeting on Friday. “The parent company's sales revenue reached 3.5 trillion roubles ($106.4 billion), that’s 23% more than in  2010”.

Miller said for the first time in history the group's net profit for 2011 topped one trillion rouble ($40 billion).

“We are the world leader in net profit for the second year in a row. Not just among oil and gas companies but among all companies in the world," Miller added. Net profit in 2010 reached a record 968.557 billion roubles ($34.95 billion).

Gazprom’s shareholders elected the company's new board with Victor Zubkov remaining Chairman and Aleksey Miller as Gazprom’s CEO.

Gazprom shareholders also approved dividend payouts of 8.97 roubles (27 cents) per share for 2011, a record figure for the company.

The shareholders also voted to pay Gazprom’s senior officials their annual bonuses despite the ongoing global financial crisis. Victor Zubkov, heads the board of directors, will receive over 22 million roubles ($668,500). Head of Gazprom Aleksey Miller will get 21.5 million roubles ($653,000). Others’ bonuses will be between 18 and 19 million roubles ($547,000).

Stockman deal to be sealed in a week

In a few days Gazprom will come up with new conditions regarding the Stockman project in the Barents Sea, Miller said at the news conference. An agreement on the project might be signed in a new format next week, he added.

Among future plans Miller named starting up of an LPG (Liquefied Petroleum Gas) plant in Vladivostok, Russia’s Far East in 2016-2017. Miller also said that UK’s BP was interested in receiving Russian gas by extending one of Gazprom’s Nord Stream pipelines to Britain.

Gazprom has also increased the daily supply of gas to Turkey by 16 million cubic meters because of a terrorist attack. “In annual terms, this is 6 billion cubic meters of gas a year"