Gazprom owns the largest natural gas reserves in the world and has a monopoly on exporting this strategically important raw material from Russia through a network of pipelines. The Kremlin is in control of the company.
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Gazprom announced in August that it had recorded a record net profit of 2.5 trillion rubles in the first half of the year. The board of directors also recommended paying a semi-annual dividend. The company missed its annual dividend payment this year for the first time since 1998.
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Earlier this month, Gazprom said Russian natural gas deliveries to the EU have fallen by 48% since the beginning of this year. Including Great Britain, they fell by 49%.
A big check for the Kremlin: it will receive a quarter of a trillion from Gazprom’s profit
Economic
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Last year Gazprom delivered a total of 185.1 billion cubic meters of gas to its main overseas customers, including Europe, Turkey and China and excluding former Soviet Union member countries. That was 3.2% more than in 2020, but less than in 2018 and 2019, when exports were around 200 billion cubic meters.
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At the end of August, due to maintenance works, Gazprom again cut off supplies through the Nord Stream 1 pipeline, which is the main route for the transport of Russian natural gas to the European Union. The company said the pipeline will remain out of service until the turbine faults are resolved. But he didn’t specify when this might happen. The German government says Gazprom is only faking technical problems.
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