Russian oil, gas revenues surge by 34 pct in H1

MOSCOW, Sept. 25 (Xinhua) — The revenue of Russia’s large and medium-sized oil and gas enterprises increased by 34.2 percent year-on-year in the first half of 2024, reaching 38.3 trillion rubles (about 413 billion U.S. dollars), local media reported on Wednesday.
According to a study conducted by the auditing and consulting network FinExpertiza, non-resource companies also saw growth, with revenues rising by 19.5 percent to 98.7 trillion rubles (about 1 trillion U.S. dollars).
The oil and gas sector’s share of total corporate revenue in Russia increased to 28 percent, up from 26 percent a year earlier. Overall, corporate turnover grew by 23.3 percent.
FinExpertiza experts attribute the significant growth in oil and gas revenue to a weak ruble and rising global oil prices.
The non-oil and gas sector, which accounted for 72 percent of total revenue, grew more modestly at 19.5 percent in the first half.
Although slower than oil and gas, the non-resource segment showed strong recovery after sanctions, particularly in the manufacturing sector, with industries such as metal products, electronics, and automotive manufacturing driving growth.
Sectors like culture, sports, and entertainment saw the highest revenue increase at 53.4 percent, followed by administrative services, which grew by 52.1 percent.
The mining industry also posted notable growth of 35.3 percent. The ongoing expansion of non-oil sectors will depend on robust domestic demand, supported by import substitution. ■