Gazprom’s revenues are declining due to the loss of the European market, which is the most profitable.
Russian Gazprom in 2023 received a net loss of 629.1 billion rubles (about $6.8 billion) after a net profit of 1.23 trillion rubles (about $13 billion) last year. Such data was published in the company’s reporting according to international standards on Thursday, May 2.
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The total revenue of the gas concern last year fell by 27% to 8.54 trillion rubles from 11.7 trillion rubles in 2022.
Russian media wrote that the income of Russian Gazprom is decreasing due to the loss of the European gas export market, which is the most profitable business in the fuel sales segment. Last year, Russian gas supplies to Europe fell to 28.3 billion cubic meters.
At the same time, in the first quarter of 2024, Gazprom received a loss of almost 47 billion rubles ($501 million) against a profit of 125.4 billion rubles ($1.34 billion) last year.
Let’s remember that gas supplies to China compensated the Russian Federation for only 11% of the lost European market. The decrease in European supplies reached 115 billion cubic meters, of which China replaced only 13 billion.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.