https://www.bloomberg.com/news/articles ... n-23-years
Russia’s Gazprom Reports First Net Loss in 24 Years
Drop in gas revenue led to 629 billion-ruble net loss
Income from oil and power utilities increased last year
Gazprom Group, which also includes oil and power businesses, posted a 629 billion-ruble ($6.84 billion) loss last year compared with net income of 1.23 trillion rubles in 2022, according to an earnings report published Thursday.
Revenue from gas fell by 40% to 4.88 trillion rubles, according the report.
This year Russia expects its gas shipments via pipelines to foreign markets will increase 18% this year to 108 billion cubic meters compared with 2023, as the Power of Siberia link to China gradually reaches its nameplate capacity. But even as more supplies head to China, it can’t offset the loss of the European market.
Revenue from the group’s oil business rose by 6.7% to 3.88 trillion rubles last year, while sales at its power utilities business increased by 8.8% to 617 billion rubles.
https://finance.yahoo.com/news/bloomber ... 47548.html
Russia is expected to export natural gas to China with prices as much as 28% below those for Russia's European clients at least until 2027, Bloomberg reported on April 23, citing the Russian Economy Ministry's outlook.
According to the outlook Bloomberg received, the ministry sees the gas exports' price to China at $257 per 1,000 cubic meters compared with $320.30 for Western markets, considering the base-case scenario.
Russia forecasts that the price for China might decrease from 2025 through 2027, while the cost for Europe is likely to remain "roughly flat."
The outlook also shows that Russia's total gas exports will grow at least through 2026, supported by a rise in gas production after the drop in 2022.
Currently, Gazprom delivers gas to China via the Power of Siberia pipeline and aims to increase the volume to the planned annual maximum of 38 billion cubic meters in 2025, according to Bloomberg.
The media outlet said that gas exports are set to ramp up as Moscow and Beijing are considering the launch of the Power of Siberia 2 link, lifting Gazprom's deliveries to a total of 98 billion cubic meters per year.
"Still, even if the plans materialize and all three pipelines operate at full capacity, they will carry only roughly half of what Russia used to send to Europe before the war in Ukraine," Bloomberg's article read.
Since the start of Russia's full-scale invasion of Ukraine, the European Union has set the goal of weaning itself off from Russian gas supplies, as well as other fossil fuels. Yet many European countries depend on Russian fuel imports.