Norwegian company Equinor overtakes Russia's Gazprom in gas supply to Europe - Bloomberg

Sophia ZakrevskaNews
Norwegian Equinor pushed former leader Gazprom out of the European market. Source: SaltWire

After Russia launched a full-scale invasion of Ukraine, energy prices skyrocketed and Russia itself was subject to additional sanctions. Against this backdrop, the Norwegian oil and gas giant Equinor ASA has become the leading supplier of fuel to Europe, replacing Russia's Gazprom.

Now Norway supplies 30% of gas to the EU countries, while Gazprom provided about 35% of all gas to Europe before the Great War. Bloomberg writes about this.

"And of the more than 109 billion cubic meters of natural gas Norway exported to Europe last year - enough to power Germany until 2026 - about two-thirds was sold by Equinor," the article says.

In this regard, Equinor plays a major role in the ups and downs of gas prices across the continent.

At the end of April, German Chancellor Olaf Scholz thanked Norway for allowing his country to become independent of Russian gas "in just a few months." He called Oslo an ideal partner for securing gas supplies to Germany and Europe.

According to Irene Rummelhoff, Head of Intermediate Flow, Marketing and Processing at Equinor, the company's visibility has changed significantly with the decline in gas flows from Russia. "There was a time when [Europe] took us almost for granted. This is no longer the case," she said.

Natural gas supplies from Norway are expected to reach a new record this year. Equinor is working to increase its capacity and optimize its maintenance operations. The country's government aims to make Norway a "stable and long-term energy supplier" to Europe over the coming decades.

As reported, Gazprom's profits fell by more than 30%, resulting in a loss of 629 billion rubles (or 6.9 billion US dollars), the highest in 25 years. This drop is due to geopolitical turbulence, such as Russia's invasion of Ukraine and the deterioration of relations with the West, which have severely limited the company's operations.

To compensate for these losses, Gazprom has turned to China. Still, the loss of trade with Europe has had a significant impact on its financial situation.

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