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Gazprom Reports Loss

Gazprom Reports $7 Billion Loss as European Exports Decline

Posted on May 16, 2024
Writer: James Miller

Gazprom, Russia’s state-owned energy giant, reported a $7 billion annual net loss, its first since 1999. 

The loss was due to a sharp decline in European gas sales amidst sanctions and geopolitical tensions. 

In 2022, Gazprom’s gas exports to Europe were 63.8 billion cubic meters (bcm), but this volume fell by 55.6% to 28.3 bcm in 2023. 

Efforts to increase sales to China face hurdles, including lower profitability compared to European markets and competition from other suppliers.

For more information on Gazprom’s financial challenges and market strategy, please refer to the full article on Yahoo Finance.

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