DIRS.INFO The most relevant business & tech news

☆ 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

☆ Gazprom plunges to first annual loss in 20 years as trade with Europe hit
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow

☆ Russia's Gazprom to supply extra gas to Hungary and China this year
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

Companies Gazprom PAO FollowOct 22 (Reuters) - Russia's Gazprom (GAZP.MM) will supply extra gas to Hungary through the coming winter and will also provide China with an additional 600 million cubic metres this year on top of contractual obligations, TASS news agency quoted its boss Alexei Miller as saying. Orban told Putin when they met in Beijing on Tuesday that Hungary never wanted to oppose Russia and was trying to salvage bilateral contacts. "And we have an agreement that we will supply additional volumes on an ongoing basis in the coming winter", he said. "We regularly supply additional volumes to the Chinese market. This year, I think (the extra amount) will be 600 million cubic meters of gas," he was quoted as saying.

Persons: Alexei Miller, Vladimir Putin, Miller, Viktor Orban, Orban, Putin, Gazprom's Miller, Mark Trevelyan, David Holmes Organizations: Gazprom PAO, Gazprom, Investigations, European Union, Putin, NATO, Ukraine, EU, Thomson Locations: Hungary, China, Russian, Europe, Ukraine, Baltic, Beijing, Russia, U.S

☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

REUTERS/Wu Hong/Pool/File Photo Acquire Licensing RightsMOSCOW/BEIJING, Oct 16 (Reuters) - Russian President Vladimir Putin will travel to China this week to meet Xi Jinping, the Kremlin chief's first trip outside the former Soviet Union this year. What are the five things to watch for at the meeting? Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role. Xi also awarded Putin a friendship medal in 2018, saying that "Putin is my best close friend". Putin said in March that he had invited Xi to his private apartment in the Kremlin.

Persons: Xi Jinping, Vladimir Putin, Wu Hong, Li Shangfu, Li, General Liu Zhenli, Putin, Xi, Alexei Miller, Igor Sechin, Maxim Reshetnikov, Guy Faulconbridge, Alison Williams Organizations: Xiamen International Conference and Exhibition Center, REUTERS, Kremlin, Russia, People's Liberation Army, PLA, U.S . Department of Defence, China, United, Gazprom, Reuters, Thomson Locations: Russian, Xiamen, Fujian Province, China, MOSCOW, BEIJING, Soviet Union, U.S, Russia, Xiapu, Ukraine, United States, India, Moscow, Kremlin, Siberia, Mongolia, Asia, Germany

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. China and Russia declared a "no limits" partnership in February 2022 when Putin visited Beijing just days before he sent tens of thousands of troops into Ukraine, triggering the deadliest land war in Europe since World War Two. Biden has referred to Xi as a "dictator" and has said Putin is a "killer" and a leader who cannot remain in power. Since the Ukraine war, Putin has mostly stayed within the former Soviet Union, though he visited Iran last year for talks with Supreme Leader Ayatollah Ali Khamenei. The United States has warned China against supplying Putin with weapons as Russia, a $2 trillion economy, battles Ukrainian forces backed by the United States and the European Union.

Persons: Vladimir Putin, Xi Jinping, Mikhail Tereshchenko, Putin, Xi Putin, Xi, Joe Biden, Graham Allison, Bill Clinton, Biden, Ayatollah Ali Khamenei, Mao Zedong, Alexander Gabuev, Gabuev, Li Shangfu, Alexei Miller, Igor Sechin, Guy Faulconbridge, Alison Williams Organizations: Kremlin, Sputnik, Forum, Soviet Union, U.S, Harvard University, Reuters, Soviet, United, European Union, Carnegie Russia Eurasia Center, Gazprom, Thomson Locations: Moscow, Russia, China, USSR, MOSCOW, BEIJING, United States, Beijing, Hague, Ukraine, Europe, U.S, Soviet Union, Iran, Communist China, Ukrainian, Siberia, Mongolia

The sources said other senior Russian energy officials would also be in the delegation. Gazprom, the world's biggest natural gas producer, and Rosneft, Russia's biggest oil producer, did not immediately reply to requests for comments. The proposed pipeline would bring gas from the Yamal peninsula fields in western Siberia to China, the world's top energy consumer and a growing gas consumer. China and Russia have yet to agree on the terms of gas deliveries via the route, including pricing. Negotiations are complex, in part because China is not expected to need more gas until after 2030, industry analysts said.

Persons: Vladimir Putin, Rosneft Igor Sechin, Yuri Trutnev, Alexei Miller, Igor Sechin, Vladimir Putin's, Putin, Xi Jinping, Sechin, Xi, Vladimir Soldatkin, Gareth Jones, Guy Faulconbridge, Barbara Lewis Organizations: Zvezda, Gazprom, Reuters, China's, Moscow, Thomson Locations: Bolshoy Kamen, Vladivostok, Russia, Ukraine, MOSCOW, China, Beijing, Moscow, Russian, Asia, Europe, Siberia, Mongolia

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

☆ Gazprom says Burmistrova steps down as Gazprom Export chief
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, March 10 (Reuters) - Kremlin-controlled energy giant Gazprom (GAZP.MM) said on Friday that Elena Burmistrova was stepping down as the head of Gazprom Export and was moving to Gazprombank as its first vice-president. It also said that Dmitry Khandoga, in charge of Gazprom's international business, would be acting director general of Gazprom Export. Gazprom's natural gas exports outside the former Soviet Union almost halved last year to around 101 billion cubic metres (bcm). Burmistrova had worked as Gazprom Export's director general since 2014. Gazprom also said on Friday that Vitaly Markelov, Gazprom's Deputy CEO, will take charge of the company's operations on the natural gas market.

☆ The chief executive of an AI-driven markets analytics company breaks down how to invest in the craze sparked by ChatGPT
▼ + stars: | 2023-02-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today, I'm eager to share my conversation with the CEO of a markets analytics platform that leverages the power of artificial intelligence. Jan Szilagyi is the chief executive officer and cofounder of Toggle AI. Toggle AIJan Szilagyi is the chief executive officer and cofounder of Toggle AI. Jan Szilagyi: We've seen a big increase in business and a huge spike in inquiries to Toggle AI. Ultimately, I don't think AI is going to be a fad though.

☆ Analysis: Gazprom's export revenue may fall by 50% in 2023
▼ + stars: | 2023-02-14 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +5 min

If the trend continues, Gazprom's export revenues for the whole year could be halved compared to 2022 when its export volumes also declined by nearly half. LOWER REVENUESIn 2022, Gazprom's export volumes fell by 46%, according to the company. Gazprom has not provided forecasts for gas exports for this year. Gazprom's exports outside ex-Soviet Union fell by more than 45% to 100.9 bcm in 2022 from 185.1 bcm in 2021. The Economy Ministry forecasts Gazprom's export price for 2023 at $700 per 1,000 cubic metres.

☆ Russian state energy giant Gazprom is starting its own private security force, a move Ukraine fears will lead to a new Wagner-like mercenary army
▼ + stars: | 2023-02-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Russia's government is allowing energy giant Gazprom to start a private security outfit. Ukraine's Ministry of Defence drew comparisons with the notorious private army the Wagner Group. Experts said it's plausible that another Russian mercenary army is in the works. Russia's government gave its go-ahead for the energy giant to create a private security organization on February 4, under the pretext of securing the country's energy sector. "Ukrainians are handling Wagner, they are handling the Russian army."

☆ Russian pipeline gas exports to Europe collapse to a post-Soviet low
▼ + stars: | 2022-12-28 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

Russian direct gas exports to Germany, Europe's largest economy, were halted in September following blasts at the Nord Stream pipelines in the Baltic Sea. Sweden and Denmark have both concluded that four leaks on Nord Stream 1 and 2 were caused by explosions, but have not said who might be responsible. Russian gas exports via the Nord Stream 1 pipeline totalled record-high 59.2 bcm last year. The 100.9 bcm of Russian gas pipeline supplies, which Gazprom defines as exports to "far abroad", or outside the former-Soviet Union, is one of the lowest since the collapse of the Soviet state in 1991. One of Gazprom's previous post-Soviet lows of gas sales to "far abroad" was at 117.4 bcm in 1995, according to Gazprom Export.

☆ Putin oversees launch of Siberian gas field feeding pipeline to China
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

[1/3] Russian President Vladimir Putin takes part in a ceremony launching production at the Kovykta gas field, which will feed into the Power of Siberia pipeline carrying Russian gas to China, via a video link with head of Gazprom Alexei Miller in Moscow, Russia, December 21, 2022. Dec 21 (Reuters) - Russian President Vladimir Putin presided over the launch of a major new Siberian gas field on Wednesday to help drive a planned surge in supply to China. The Kovykta gas field will feed into the Power of Siberia pipeline carrying Russian gas to China. In February, Putin reached an agreement to sell an additional 10 bcm of gas to China from Russia's Far East through a new, smaller pipeline to China's northeast. Putin said last week the projects would allow Russia to boost its gas sales to China to 48 bcm annually by 2025 and to 88 bcm by 2030.

☆ Erdogan, Putin discuss grain corridor, gas hub in phone call
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 11 (Reuters) - Presidents Tayyip Erdogan of Turkey and Vladimir Putin of Russia discussed grain supplies and a potential regional gas hub in Turkey on Sunday, both countries said. "President Erdogan expressed his sincere wish for the termination of the Russia-Ukraine war as soon as possible," the Turkish presidency said on Sunday. In the call, Erdogan said Ankara and Moscow could start work on exporting other food products and commodities through the Black Sea grain corridor, Erdogan's office said. The Kremlin said the two also discussed an initiative to create a base in Turkey for exports of Russian natural gas. Gazprom (GAZP.MM) chief Alexei Miller held talks with Erdogan in Istanbul in the past week.

After explosions - whose cause is under investigation - damaged the Nord Stream Russian gas pipeline system to Europe under the Baltic Sea, Putin in October proposed setting up a gas hub in Turkey, building on a southern route for exports. "Does Europe need the project, given the determination of the EU countries to forego Russian gas in the nearest future?" A source in Russia's pipeline gas exporting monopoly Gazprom (GAZP.MM) said be believed the hub would facilitate sales. "That will not be Russian gas, but gas from the hub," said the source, who did not want to be named due to the sensitivity of the matter. Neither Gazprom, nor the Kremlin provided a cost estimate for the Turkish hub idea.

☆ Russia's Gazprom threatens to cut off natural-gas supplies to Europe if price caps are imposed
▼ + stars: | 2022-10-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The G7 and the EU are in discussions to impose price caps on Russian oil and natural gas. Russia's Gazprom threatened to stop gas supplies to Europe if the price caps are imposed, per Reuters. President Putin last month also threatened to cut off energy supplies if these price caps were imposed. He also threatened to cut off all energy supplies if price caps were imposed. Russian gas deliveries to Europe have fallen by about half this year so far, Gazprom said on September 8.

☆ Gazprom CEO says gas price cap would lead to supply halt
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

Gazprom Chief Executive Alexei Miller attends a meeting with Russian President Vladimir Putin at the Kremlin in Moscow, Russia March 12, 2019. The conflict in Ukraine has prompted European Union customers to reduce their purchases of Russian energy while the G7 and the EU are trying to impose a price cap on Russian oil and gas. "Such a one-sided decision is of course a violation of existing contracts, which would lead to a termination of supplies," Miller said in comments broadcast on state television. President Vladimir Putin last month threatened to cut off energy supplies if price caps were imposed, warning the West it would be "frozen" like a wolf's tail in a famous Russian fairy tale. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey backs Putin gas plan as Nord Stream faces long outage
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

Pipes at the landfall facilities of the 'Nord Stream 1' gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Russian President Vladimir Putin this week proposed Turkey as a base for gas supplies after the Nord Stream pipelines under the Baltic Sea were damaged last month by blasts. Both Nord Stream 1 and Nord Stream 2, connecting Russia and Germany, were damaged last month, spewing out a large amount of gas. With Nord Stream out of service, Miller said that Russia will start "concrete" talks with Turkey next week on proposals to route more gas their way. SECURITY FEARSThe Nord Stream blasts have heightened concerns over energy security in Europe as the conflict rages in Ukraine.

☆ Gazprom CEO says big part of Nord Stream may need to be replaced
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

The logo of the Nord Stream 2 gas pipeline project is seen on a pipe at the Chelyabinsk pipe rolling plant in Chelyabinsk, Russia, February 26, 2020. REUTERS/Maxim Shemetov/File PhotoMOSCOW, Oct 14 (Reuters) - Gazprom CEO (GAZP.MM) Alexei Miller told Russia's State TV Channel One late on Thursday that a big section of the damaged Nord Stream pipelines might need to be replaced, while Russia plans boosting gas exports via the Black Sea and Turkey. Both Nord Stream 1 and Nord Stream 2 gas pipelines, which were built to transport gas from Russia to Germany via the bed of the Baltic Sea, were damaged last month, spewing out a large amount of gas. On Wednesday, Miller, head of the Russian state-controlled natural gas monopoly, said repairs to the damaged Nord Stream pipelines would take more than one year. TURKEY HUBRussian President Vladimir Putin touted Turkey earlier this week as the best route for redirecting gas supplies to the European Union after Nord Stream pipeline leaks.

☆ Putin offered to redirect natural-gas supplies to Europe via Turkey and make the country a gas hub. Turkey said this is the first time it's heard of the plan.
▼ + stars: | 2022-10-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Putin said Russia could send natural gas to Europe via Turkey, making it a "gas hub," per Reuters. That's because the key Nord Stream natural-gas pipelines linking Russia to Europe are damaged. Putin's statement comes two weeks after leaks were first reported on the key Nord Stream pipelines that transport natural gas from Russia to Germany. The German government flat out rejected the proposal to use Nord Stream 2 on Wednesday. Last month, he said the EU can simply turn on the new Nord Stream 2 pipeline if it wants more natural gas from Russia.

☆ Europe has enough energy to survive the winter. Next year might be different
▼ + stars: | 2022-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

Cornelius Poppe/NTB/AFP/Getty ImagesBut success has come at a heavy cost to the economy: the scramble for alternative sources has sent energy prices soaring. Alexei Miller, CEO of Russian state energy giant Gazprom, said on Wednesday that there was “no guarantee” that Europe would survive the winter with its current reserves. “Adopting policies that prevent the pass-through of high energy prices to consumers is an expensive gamble that is doomed to fail if wholesale energy prices will stay high in the future,” he added. Carlos Torres Diaz, head of power analysis at Rystad Energy, told CNN business that Europe’s energy transition “has been put on hold” as it prioritizes energy security. “These sources of energy also help reduce the dependency on energy imports,” Torres Diaz added.

☆ Turkish energy minister: Putin proposal for gas hub in Turkey should be discussed
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Speaking at the Russia Energy Week conference in Moscow, both Putin and Gazprom (GAZP.MM) head Alexei Miller suggested creating a gas hub in Turkey. "It is the first time we heard of the issue of supplying Europe through alternate routes, mentioned by President Putin in his speech. "These kinds of international projects need feasibility assessments... commercial aspects need to be discussed. Ankara's relations with Russia are complex, with the two countries cooperating closely on energy supplies while being at odds over Syria, Libya and Azerbaijan. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; editing by Guy Faulconbridge and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Everything you need to know about silovarchs — Russia's security elites — and the power they wield
▼ + stars: | 2022-04-10 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +5 min

Russia's security elites are silovarchs, a term combining "oligarch" and "siloviki" ("people of force.") Analyst Hugo Crosthwaite said silovarchs are closer to President Vladimir Putin than oligarchs. According to Treisman, oligarchs do not hold a great deal of political influence, while silovarchs are more powerful. Table of Silovarchs Viktor Ivanov – former chair of the board for Almaz-Antei and Aeroflot – had a career in Soviet KGB and Russian FSB. Rashid Nurgaliev– former interior minister and deputy secretary of the Security Council – is Army General and worked for the FSB.

Search resuls for: "Alexei Miller"

24 mentions found