Russian state gas giant PAO Gazprom said net profit for the second quarter was up 29% from the same period last year as a higher ruble price made up for lower sale volumes in its most-lucrative European market. Gazprom said net profit stood at 294 billion rubles ($4.6 billion), while revenue was down 4% from the previous year at 1.27 trillion rubles. The lower sales volumes reflect the increased competition that Gazprom is facing from rivals in Russia and in Europe. Total gas production was down 9% in the first six months of the year at 221.3 billion cubic meters, Gazprom said. Sale volumes to Europe slid 7% in the first half of the year, but revenues grew 7% to 947 billion rubles as the weaker Russian currency meant the ruble price was 21% higher than for the same period last year, the company said. Sales volumes and revenue […]