Gas exports to Europe by 2035 will average 50-75 billion cubic meters per year – this figure barely reaches a third of the pre-war sales level.
By 2035, Russian Gazprom is unlikely to recover the volume of gas sales lost after the Russian Federation’s full-scale invasion of Ukraine and sanctions. The Financial Times reported this in connection with a report prepared at the end of last year by order of the company’s top management.
The document states that gas exports to Europe will reach an average of 50-75 billion cubic meters per year by 2035 – this figure barely reaches a third of pre-war sales levels. .
As the report notes, Gazprom has high hopes for the new pipeline to China, hoping it will help make up for lost export volumes to Europe. But its capacity will be only 50 billion cubic meters per year, and prices in Asian countries are lower than in Europe. The main consequences of the sanctions for Gazprom and the fuel and energy complex are reductions in export volumes, which will continue at the level of 2020 no earlier than 2035.
According to Elina Rybakova, a senior research fellow at the Peterson Institute for World Economics in Washington, Gazprom is at a dead end.
“To maintain its dominant position in the domestic gas market, Gazprom will be forced to fully utilize its monopoly on gas transit infrastructure and demand preferences from the Kremlin,” the document notes.
We remind you that 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.
It was also reported that Gazprom, which suffered a loss for the first time in 25 years, which is also the largest in the company’s history, has begun selling assets.
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.