The loss of a key European market has dealt a severe financial blow to Russian energy giant Gazprom, resulting in net losses of 1.076 trillion rubles ($13.1 billion) in 2024

The downturn has forced Gazprom to implement cost-cutting measures, including mass layoffs. On Jan. 13, Russian media outlet 47News reported that the company was preparing to lay off 1,600 employees from its central office.

  • skillissuer@discuss.tchncs.de
    192·
    3 days ago

    how do you manage to lose money on a business that consists of these two steps:

    1. drill a hole in the ground
    2. sell what comes out
    • Valmond@lemmy.world
      12·
      3 days ago

      Lot of it is in the arctic/very harsh climate and needed europe / us expertise to get extracted. That expertise is gone now.

      Ukraine has shut down refining plants, and also the sanctions has worked.

      And of course the eu buys less.

    • JohnDClay@sh.itjust.works
      10·
      3 days ago

      Ukraine helped. Also, they’re taxed at almost exactly their profit to maximize state revenue. It’s not quite state owned, but it’s close.

      • Zetta@mander.xyz
        6·
        3 days ago

        Plus, I’m sure a ton of corruption, stealing money directly from within the company.

      • psud@aussie.zoneEnglish
        3·
        2 days ago

        They want it, they have just restricted their ability to buy it. Also, didn’t Ukraine blows up the pipeline, meaning the gas has to be moved by ship

    • MrMakabar@slrpnk.netEnglish
      4·
      3 days ago

      Gazprom has 460k employees to maintain the oil and gas infrastructure. The other big cost is taxes to the Russian government.

  • MrMakabar@slrpnk.netEnglish
    11·
    3 days ago

    and this year will get worse, with Ukraine cutting off the last Russian gas pipeline to the EU.

    • Tuukka RM
      4·
      3 days ago

      There’s still the Turkish gas, of which 40 % comes from the Russia. But yes, the Russian gas sales revenues are dwindling merrily :)