Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.
According to Reuters analysis, it was Gazprom's first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001.The logo of Gazprom is displayed on a screen during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022.
The results highlight the dramatic decline of Gazprom, which since the collapse of the Soviet Union has been one of Russia's most powerful companies, often used as a leverage to solve disputes with its neighbors, such as Ukraine and Moldova.According to Reuters analysis, it was Gazprom's first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of President Vladimir Putin, took over the company in 2001.The company, now headquartered in St.
"The full-year EBITDA of $7.2 billion was the worst in 22 years, since the company reported $7.6 billion in 2002," said Ronald Smith from Moscow-based brokerage BCS Global Markets. According to Reuters' calculations, Gazprom's natural gas supplies to Europe plummeted 55.6% to 28.3 billion cubic meters in 2023.
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