Gazprom's profits plunge in past year

Gazprom's profits plunge in past year

The net profit of Russia’s energy monopoly Gazprom amounted to RUB 747.246 billion over 2022, against RUB 2.684 trillion in 2021, which was three times higher.

That’s according to Kommersant which obtained the company’s financial reporting papers, Ukrinform wrote.

In turn, Gazprom's revenue in 2022 reached RUB 7.979 trillion, which is about 25% more against 2021 (RUB 6.39 trillion).

According to Kommersant, in 2022, gas output in Russia decreased by 11.8%, to 672 billion cubic meters. This happened against the backdrop of a reduction in supplies to Europe to historic lows.

Read also: Russia already spent 35% of annual defense budget - expert

As reported, in early September 2022, Gazprom put to a full halt its gas supplies to Europe through the Nord Stream 1 pipeline, explaining its move by technical issues. In addition, Russian authorities previously stopped supplies to some European countries that refused to pay for gas in rubles amid Russia’s invasion of Ukraine.

At the end of the same month, explosions rocked the underwater section of the Nord Stream gas pipeline systems in the Baltic Sea. As a result, three out of four pipes sustained damage.

Gazprom continues to supply gas to Europe through the transit branch laid via Ukraine, as well as through TurkStream.

Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2023 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: