Gazprom recorded a record loss and is selling off property

Gazprom began selling off its property: its debt reached 6.65 trillion rubles, and its loss reached a record level.

Having recorded its first loss in a quarter of a century and a record loss in its history, Gazprom is starting to sell off its property. Eighth of May company announced about finding buyers for large real estate properties in Moscow and the Moscow region.

These include office buildings on Stroiteley Street, the sanatorium-resort complex “Imperial Park Hotel & Spa” in the settlement of Pervomaiskoye, Rogozino village, non-residential premises on the first floor in a house on Novocheremushkinskaya Street, and a parking lot for 96 spaces near the company's main office in the capital.

The company’s press service explained that the decision was made “taking into account the completion of the move of the Gazprom Group companies to St. Petersburg.”

Last year, Gazprom received 629 billion rubles of net loss under IFRS, reported a fall in revenue by 27%, and EBITDA by half. The gas business of the company, which operates the largest reserves on the planet, became unprofitable (by 1.2 trillion rubles per year), and Gazprom’s debt reached a record 6.65 trillion rubles, exceeding the size of the liquid part of the National Welfare Fund (5 trillion rubles).

By cutting off gas to most European countries in an unsuccessful attempt to achieve concessions on Ukraine, the Kremlin deprived Gazprom of its main sales market, with which it had been building ties for almost half a century. writes Russian service of The Moscow Times. At the end of the year, Gazprom exported only 69 billion cubic meters of gas – the minimum volume since 1985.

Compared to 2022, the volume of pumping abroad decreased by another third, and compared to pre-war levels – three times. Supplies to Europe fell to 28 billion cubic meters, the level of the second half of the 1970s. Gazprom's production turned out to be the minimum over the 34 years of the company's existence and amounted to only 404 billion cubic meters.

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