Forbes Reports: Gazprom No Longer Holds Top Spot in Russia
Gazprom has been removed from the list of Russia’s top 100 most-profitable companies due to significant financial losses. Read Full Article at RT.com
TroibNews 
According to Forbes, Russia’s state-run energy giant Gazprom has fallen off the list of the country’s top 100 most-profitable companies after experiencing its largest net loss in almost three decades. The company previously topped the list in 2023.
This year, Russian oil major Rosneft claimed the leading position, posting a net profit exceeding $16.5 billion. Following Rosneft are state-controlled banking giant Sber and energy firm Surgutneftegaz, with net profits of just over $16.2 billion and $14 billion, respectively.
The business magazine noted that Gazprom had capitalized on high gas prices in Europe during 2022, but its financial performance suffered significantly due to the market losses encountered in the past year.
In May, Gazprom announced a net loss of $6.8 billion for 2023—its first annual loss since 1999—attributed to a decline in gas exports spurred by Western sanctions. This outcome starkly contrasted with the previous year's net profit of $13.2 billion. The firm’s total revenue also dropped from $126 billion in 2022 to $92 billion in 2023.
Russian gas exports to traditional EU markets have plummeted as a consequence of sanctions linked to the escalation of the Ukraine conflict and the sabotage of the Nord Stream pipelines, which had previously served as a significant route for Russian gas supplies to the region. According to calculations from Reuters, Gazprom's natural gas deliveries to Europe fell by 55.6% to 28.3 billion cubic meters in 2023.
Despite these setbacks, the company has redirected its energy trade toward Asia, with China emerging as a major buyer. It is projected that the volume of Russian gas supplied to China may reach around 100 billion cubic meters annually once the Power of Siberia pipelines are fully operational. Gazprom indicated that China could surpass the EU in Russian gas purchases when the pipeline is fully active.
Navid Kalantari contributed to this report for TROIB News
This year, Russian oil major Rosneft claimed the leading position, posting a net profit exceeding $16.5 billion. Following Rosneft are state-controlled banking giant Sber and energy firm Surgutneftegaz, with net profits of just over $16.2 billion and $14 billion, respectively.
The business magazine noted that Gazprom had capitalized on high gas prices in Europe during 2022, but its financial performance suffered significantly due to the market losses encountered in the past year.
In May, Gazprom announced a net loss of $6.8 billion for 2023—its first annual loss since 1999—attributed to a decline in gas exports spurred by Western sanctions. This outcome starkly contrasted with the previous year's net profit of $13.2 billion. The firm’s total revenue also dropped from $126 billion in 2022 to $92 billion in 2023.
Russian gas exports to traditional EU markets have plummeted as a consequence of sanctions linked to the escalation of the Ukraine conflict and the sabotage of the Nord Stream pipelines, which had previously served as a significant route for Russian gas supplies to the region. According to calculations from Reuters, Gazprom's natural gas deliveries to Europe fell by 55.6% to 28.3 billion cubic meters in 2023.
Despite these setbacks, the company has redirected its energy trade toward Asia, with China emerging as a major buyer. It is projected that the volume of Russian gas supplied to China may reach around 100 billion cubic meters annually once the Power of Siberia pipelines are fully operational. Gazprom indicated that China could surpass the EU in Russian gas purchases when the pipeline is fully active.
Navid Kalantari contributed to this report for TROIB News
