Falling European shipments & lower prices hit Gazprom's revenue

Falling European shipments & lower prices hit Gazprom’s revenue | World Business Watch

now Russia State control gas giant gas prom has reported its first annual loss since 1999 the reason falling shipments to Europe in lower prices for the fuel following the results the company’s shares fell by 4.4% the steepest decline in more than a year gas prom which also includes oil and power businesses posted a $ 6.84 billion loss in 2023 in 2022 the company recorded a net income of about $13 billion from revenue while revenue from gas fell by % to about $55 billion its oil Revenue Rose by 6.7% to about $35 billion its power utilities business increased by over 8.8% to 56 billion two big factors have played a role in gas proms declining earnings restricted gas flows to Europe following the Ukraine war and plunging gas prices due to mild weather sluggish demand and brimming inventories while gas prom continues to ship pipeline gas to several European countries last year its flows to Europe fell to the lowest since early 1970s this year Russia expects its gas shipments VI pipelines will increase 18% to 108 billion cubic met but even as more supplies head to China it is unlikely to offset the loss of the European market for latest news download the Von app And subscribe to our YouTube channel

Russia’s state-controlled gas giant Gazprom has reported its first annual loss since 1999. The reasons? Falling shipments to Europe and lower prices for the fuel. Following the results, the company’s shares fell by 4.4%, the steepest decline in more than a year.

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Falling European shipments & lower prices hit Gazprom’s revenue | World Business Watch

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