Russian gas company Gazprom writes a loss for the first time in 24 years

This article was last updated on May 3, 2024

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Russian gas company Gazprom writes a loss for the first time in 24 years

For the first time since 1999, Russian state-owned company Gazprom reports a loss reports Bloomberg news agency. This amounts to 6.3 billion euros for 2023. Turnover was also considerably lower.

This is due to the sharp decline in exports to Europe, a result of the political reactions to the Russian invasion of Ukraine in early 2022.

European countries are increasingly successful in finding alternative sources of gas. Russia’s share of European gas has fallen from 40 percent in 2021, the last year before the war in Ukraine, to 8 percent last year.

Export to China

This year, Gazprom’s foreign exports are expected to increase by 18 percent, with China as an important sales market. But even this will not be enough to compensate for the losses in Europe.

The share is down a few percent on the Russian stock exchange. The Russian government is Gazprom’s largest shareholder. Gazprom’s revenues from other energy sources, such as oil, increased by 4.3 percent.