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☆ Gazprom: Russian oil giant posts first annual loss in 20 years as sales to Europe collapse
▼ + stars: | 2024-05-03 | by ( ) edition.cnn.com time to read: +2 min

Moscow — Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s war in Ukraine. Analysts had expected net income of 447 billion rubles ($4.9 billion) in 2023, according to Interfax news agency. The company made a net profit of 1.2 trillion ($13.1 billion) rubles in 2022, the year Russia launched its full-scale invasion of Ukraine. Russia’s gas exports to Europe, once its primary export market, have slumped largely because of the political fallout from the conflict in Ukraine. The company’s core profit, or earnings before interest, taxes, depreciation and amortization known as EBITDA, dropped to 618.38 billion rubles ($6.7 billion) last year from 2.79 trillion rubles ($30.4 billion) in 2022, according to Reuters’ calculations.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Analysts, Reuters, BCS Global Markets Locations: Moscow, Ukraine, Russia, St . Petersburg, Europe

The logo of Russia’s state gas company Gazprom was emblazoned on the shirts of players at the soccer club Toennies chaired. In Germany, Toennies’ story is far from unique. At the centre of Gazprom’s influence campaign was Schalke 04, the soccer club Toennies chaired at the time and which Gazprom began sponsoring in 2006. Russian gas imports have dropped dramatically and Germany is supplying tanks and other weapons systems to Ukraine. In 2001 Toennies assumed another of his older brother’s roles – chairman of soccer club Schalke 04.

Persons: Clemens Toennies, Vladimir Putin, Toennies, Willy Brandt, ”, Putin, Sberbank, Angela Merkel, “, ” Merkel, Bernd, Clemens, Putin’s, Alexei Gromov, Gromov, Gerhard Schroeder, Schroeder Organizations: Gazprom, Toennies, Schalke, Gazprom’s, Reuters, Miele, Volkswagen, Deutsche Telekom, ” Schalke, Chelsea, Kremlin, Former Locations: WIEDENBRUECK, Germany, Russia, Russian, Moscow, Ukraine, Berlin, Russians, Crimea, Gazprom, Rheda, German, Europe, Nord Stream, Dresden

☆ Germany Nationalizes Gazprom’s German Business to Secure Energy Supply
▼ + stars: | 2022-11-14 | by ( Bojan Pancevski | ) www.wsj.com time to read: 1 min

BERLIN—Germany will nationalize key German and European arms of Russian natural gas giant Gazprom PJSC and spend more than 13 billion euros, equivalent to $13.44 billion, to shore up the business in a bid to guarantee energy supplies, the German government said Monday. Berlin in March assumed management of the assets of Gazprom Germania GmbH, changing the company’s name to Securing Energy for Europe GmbH or SEFE. The government said it had to secure vital energy infrastructure and supplies in the early days of Moscow’s invasion of Ukraine.

☆ Europe still can't live without Russian LNG exports
▼ + stars: | 2022-11-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN Business —Europe may be closer than ever to breaking its energy dependence on Moscow, but it still can’t live without one type of Russian natural gas. Russian imports doubled in the year to September to 1.2 million tons, Rystad data shows. The majority of the Russian LNG imports come from privately owned Novatek, the country’s second-largest natural gas producer after Gazprom. “I expect that Russian LNG will continue to play an important role in filling European storage going into winter of 2023,” he told CNN Business. “[Europe] would rather get whatever [it] can in terms of Russian pipeline gas and Russian LNG… it would take a lot before [it] would think about sanctioning gas or LNG from Russia,” Ramesh said.

☆ European gas buyers show brief interest in shuttered Nord Stream gas
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +3 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Early on Monday, requests for gas - known as nominations - had emerged to ship gas via the German pipelines which connect Nord Stream 1 to end users. Nominations were visible on the websites of the German pipelines connecting Nord Stream 1 to end users, while the website of the Nord Stream 1 operator showed no nomination requests as of early Monday. Nord Stream 1 is by far the biggest Russian gas pipeline to Europe, carrying up to 59.2 billion cubic metres of gas per year. Buyers for the NEL gas pipeline nominated 14,291,845 kwh/h of gas during the same time period, based on data from NEL.

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