Rising natural gas prices in Russia and the former Soviet Union bolstered profits for Gazprom in 2011, but tougher times lie ahead amid tax hikes and growing competition. The state-controlled Russian gas giant on Friday reported net income of 1.31 trillion rubles ($44.4 billion) for 2011, a 35% increase from 9.6 trillion rubles in 2010, and slightly more than the $41.1 billion profit recorded by US supermajor Exxon Mobil last year (IOD Apr.29'11).
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