Russia’s Gazprom swings to hefty loss as gas sales fall

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Lower gas sales in Europe —Gazprom's key market — and sharply weaker rouble hit the Russian energy company's earnings

A worker in a branded helmet at the construction site of the Amur gas processing plant, part of Gazprom's Power of Siberia project. Picture: REUTERS/MAXIM SHEMETOV

Gas sales to Europe, Gazprom's key market, fell in the first three months of the year and oil prices plunged after the March failure of the world's top producers to agree to agree joint output curbs. Its first-quarter net loss came in at 116-billion roubles , compared with a net profit of 536-billion roubles in the same period in 2019.

 

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