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Record losses at Gazprom lead to the sale of Moscow real estate. Find out more about the Russian gas giant's crisis
Cataclysm in Russian industry. Gazprom, the heart of the Russian economy and largest natural gas extractor in the world, announced that it will sell its properties in Moscow after recording record losses due to a drop in exports to Europe.
A warning via Telegram. Gazprom published on its Telegram channel that it is selling office buildings, non-residential premises, a parking lot and an industrial building in Moscow, as well as a hotel with a spa in the village of Rogozinino, on the outskirts of the capital.
“If you have any questions, please call these numbers,” the message says.
Putin's miscalculation
The Gazprom Group, a majority state-owned multinational, has relocated its headquarters to a skyscraper in St. Petersburg. However, analysts interpret the sale of its Moscow real estate as a liquidation of assets.
“2023 was the worst year in decades and its current production is at 1970 levels,” geopolitical analyst Tom O'Donnell told Newsweek. “It is the result of a miscalculation by Putin”, who cut off the supply of the Nord Stream gas pipeline to try to force an energy crisis in the European Union that would lead to it giving up support for Ukraine.
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The fall of the gas giant
With supplies constrained in Europe, sanctions against Russia for its invasion of Ukraine, falling gas demand due to warmer winters and a build-up of inventory in the neighboring region, Gazprom lost $6,9 billion last year.
These are the first losses recorded by the energy giant since 1999. It also did not fare very well in the picture of gross profit before interest, taxes, depreciation and amortization (EBITDA), which fell from 25,1 billion dollars in 2022 to 7,2 billion in 2023.
Less than half gas. According to Reuters, Gazprom's natural gas exports to Europe fell 56% last year, to 28,3 billion cubic meters. Such a low level has not been seen since Soviet times.
Image | Russian Foreign Ministry / Gazprom
