Russia’s Gazprom’s net profit rose 11% in the first quarter of this year, to 371.6 billion rubles (six billion dollars), exceeding estimates due to higher gas prices and higher sales, Reuters reports.

Analysts expected a net profit of 338.3 billion rubles. In Europe, Gazprom’s natural gas sales climbed 28% in the first three months of this year, as prices rose 17%. Between January and March 2018, total sales rose 18 percent to 2,40 billion rubles, according to Agerpres.

The Russian company wants to expand its presence on the European market this year, reaching a record level of exported natural gas of almost 200 billion cubic meters.

Gazprom, the world’s largest natural gas producer, supplies one-third of Europe’s natural gas needs. Russian gas company Gazprom supplies Europe with natural gas through three major routes: Ukrainian pipelines, Yamal – Europe via Belarus and Poland, and Nord Stream gas pipeline connecting Russia and Germany via the Baltic Sea.