Gazprom has reported a 6.8% drop in its revenues and a 17% fall in its net profit in 2019. The decrease in revenues was due to lower gas sales (-3% to 507 bcm in 2019) and price effects. Gas sales to Europe and other countries contracted by 5% to 232 bcm, with the average price declining by 12%. Sales to Former Soviet Union countries increased by 1.6% to 39 bcm (with a stable price) and sales to and Russia declined by 1.6% to 236 bcm (the average price rose by 3.4%). Gazprom expects the European gas demand to recover from the third quarter of 2020 and bets on new gas deliveries to China through the Power of Siberia pipeline. In 2019, Gazprom exported 300 mcm of gas to China; it plans to raise exports to 5 bcm in 2020 and 38 bcm by 2025.
Earlier in April 2020, Gazprom confirmed that the group is still investing in major projects, including new gas wells, new compression stations, new gas pipelines, LNG projects and underground gas storages (UGS). As part of its Eastern Gas Programme, Gazprom is currently expanding the operating Comprehensive Gas Treatment Unit (CGTU) that feeds gas from the Chayandinskoye field in Yakutia into the Power of Siberia gas pipeline to China, with the aim of raising the field's production to its design capacity of 25 bcm/year. The group plans to complete its Amur Gas Processing Plant (currently 58% complete) and to continue the expansion of the Sakhalin – Khabarovsk – Vladivostok gas pipeline. In the Yamal Peninsula, Gazprom aims to commission 52 new gas wells at the Bovanenkovskoye field in 2020 and to connect the Kharasaveyskoye field with the gas pipeline stretching to Bovanenkovskoye. In Northern Russia, the group is also building new compression stations at the Bovanenkovo – Ukhta 2 and Ukhta – Torzhok 2 gas pipelines and a new LNG production and export project at Portovaya. Over the next 10 years, Gazprom will continue expanding the Kaliningradskoye and Volgogradskoye UGS sites and design the Novomoskovskoye UGS facility. The group plans to start soon the construction of the Shatrovskoye UGS in the Kurgan Region and of the Arbuzovskoye UGS in Tatarstan.