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The gas business in Russia has been almost completely destroyed: Gazprom published a shameful report

Oleksandr LytvynNews
Gazprom shares have fallen
Gazprom shares have fallen. Source: iStock

The Russian gas giant Gazprom has published perhaps the worst report in its history. In addition to record losses, the report also showed an increase in debts.

"Gazprom is entering a state close to bankruptcy," Georgy Fedorov, editor-in-chief of a Russian news agency, complained on his social media page. He voiced a disappointing forecast: "Gazprom may become the first swallow of major economic turmoil." Thus, according to Gazprom's own data:

  • revenue fell by 27%;
  • revenues in the gas segment collapsed from 4.41 to 7.72 trillion;
  • export sales of gas fell 2.6 times from 7.3 to 2.9 trillion rubles.

According to a Financial Times article citing the results of an external audit commissioned by the Russian company, the main consequences of the sanctions for Gazprom and the energy industry are a reduction in exports, which will not recover to 2020 levels until 2035.

"Since Gazprom, which does not have its own proven technology for the production of liquefied natural gas in large volumes, is the only exporter of gas through pipelines, and these volumes are decreasing, Gazprom's role in the gas market will also decrease," the document says.

"Gazprom is in a dead end, and they are well aware of it," economist Elina Rybakova, a freelance senior researcher at the Peterson Institute, responded to the report.

As reported by OBOZ.UA, analysts believe that Russia has lost a significant share of the global gas market for a long time. The main reason for this is that the Kremlin has cut off supplies to many EU countries in order to achieve concessions regarding the war against Ukraine.

Only verified information is available on the OBOZ.UA Telegram channel and Viber. Do not fall for fakes!

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