#Gazprom #announces #record #losses #accounts #Economy #SAPO.pt
According to figures published by the natural gas producing group, the net loss in 2023 amounted to 629 billion rubles compared to the net profits of 1,226 billion rubles recorded in 2022.
The results reflect the difficulties faced by this pillar company of the Russian economy and which was the target of unprecedented Western sanctions more than two years ago, due to Russia’s offensive in Ukraine.
The gas giant was strongly affected by the determination shown by Europeans to eliminate energy dependence on Moscow. The Europeans were the main foreign customer before the offensive launched by the Russians in February 2022.
The sabotage of the Nord Stream 1 and 2 gas pipelines, in September 2022, practically paralyzed the supply of Russian gas to the European Union and since then Gazprom has been trying to find new customers, but faces a lack of infrastructure, the construction of which is expensive and time-consuming, to transport gas to Asia.
With the world’s largest reserves of natural gas, the large Russian state group is still managing strong budgetary pressure without access to international financing and must undertake a project to extend its domestic gas distribution network.
Faced with these difficulties, the group can, however, count on the growing importance of the Siberian Force 1 gas pipeline, in the Russian Far East, towards China.
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