Gazprom strong ... in first half of 2008

MOSCOW, Dec. 30 (UPI) -- Russian energy giant Gazprom said Tuesday its net sales of oil and gas condensate rose around 80 percent during peak market conditions in the summer.

Gazprom reported its total profit for the first half of the year rose 80 percent from the same reporting period in 2007 to $19.6 billion. Total sales during the reporting period, which ended June 30, grew by 52.4 percent to $60 billion.

For natural gas, the January to June increase was 44 percent from 2007 to $37 billion. Gazprom said the rise was due to higher gas prices and increases in the total volume of gas sold.

Net sales of crude oil and gas condensate primarily from the oil division of Gazprom, Gazprom Neft, rose 80 percent in the six-month period to $2 billion.

Despite positive reports in the first half of the year, the energy giant is reeling from the world financial collapse and declining energy prices.

The company, along with Russian majors TNK-BP, Rosneft, LUKoil and others, pushed for government-backed loans to restructure foreign debts and signaled several investment projects for 2009 could face delays.

Meanwhile, The New York Times reports that share values for Gazprom declined 76 percent since the beginning of the year, and the company fell from its position as one of the world's largest companies to No. 35.