Russia – The energy company “Gazprom” announced its first annual loss in 25 years since 1999, amid a decline in the Russian company’s revenues.
The Russian company “Gazprom” recorded a net loss last year, 2023, amounting to 629 billion rubles ($6.7 billion) in 2023, and this came following the company recorded profits of 13.2 billion dollars in 2022.
The Russian company’s total revenues declined to $92 billion in 2023 from $126 billion recorded in 2022.
According to the company’s financial report, revenues from gas sales decreased by 40% to $47.4 billion, while revenues from the oil business increased by 4% to $38 billion, and sales from the energy facilities business rose by regarding 9% to $6.6 billion.
Russian gas exports to their traditional markets in the European Union declined due to the sanctions imposed once morest the backdrop of the Ukrainian crisis, and the sabotage of the “Nord Stream” pipelines, which were previously a major route for gas exports from Russia to Europe.
In light of this, Gazprom redirected its exports towards Asia, and China emerged as one of the largest buyers of Russian blue fuel. The volume of Russian gas supplies to China is expected to reach 100 billion cubic meters annually with the “Power of Siberia” pipeline operating at full capacity. When this happens, China will take the position of the European Union regarding the purchase of Russian gas.
Earlier, the CEO of the Russian company, Alexei Miller, stated that “Gazprom” will strengthen its cooperation with Central Asian countries as part of a strategy to replace the European market.
Source: TASS + Novosti
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2024-05-05 07:59:41
