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Russia’s Gazprom surge after bumper revenue and dividend announcement

Russia’s Gazprom noticed its shares surge on Wednesday after reporting bumper first-half income and asserting a brand new dividend to shareholders.

Stoyan Vassev | Press service of Gazprom Neft | by way of Reuters

Russian fuel big Gazprom posted a file first-half revenue and promised new dividends to shareholders, sending its shares hovering greater than 27% in early commerce in Moscow on Wednesday.

The bulk state-owned vitality firm stated its board had proposed a dividend of 51.03 Russian rubles ($0.85) per odd share for the primary half of 2022. In its first-half earnings report on Tuesday, Gazprom introduced a file 2.5 trillion ruble ($41.75 billion) internet revenue.

The leap within the group’s share worth took Russia’s dollar-denominated RTS index 3.6% greater and the ruble-denominated MOEX Russia Index 4.7% greater by late morning in Moscow.

The corporate has been on the forefront of issues about Russian fuel flows to Europe in gentle of the invasion of Ukraine and subsequent financial sanctions in opposition to Moscow from Western powers, which have prompted the European Union to quickly search various vitality sources.

Gazprom introduced Tuesday that it might halt fuel deliveries to Europe by way of its essential Nord Stream 1 pipeline for 3 days from Wednesday, citing upkeep necessities. The group has additionally suspended flows to French utility Engie from Thursday, citing a cost dispute.

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