Converted into dollars, it is an amount of nearly USD 9.3 billion. There has not been such a bad result since the presidency of Boris Yeltsin – the energetyka24.com portal points out.
Gazprom at a loss
According to the wnp.pl portal, “Gazprom suffered a loss of 706.925 billion rubles in 2020 according to Russian accounting reporting standards.” This is the first loss of the Russian giant in 23 years. Gazprom closed the year with a financial loss for the last time in 1998, when Russia struggled with a gigantic financial crisis and the ruble practically lost its value.
According to the Interfax agency, from the company’s financial statements PJSC Gazprom shows that it incurred a loss of 706.925 billion rubles in 2020. “This means that in terms of zlotys, last year’s loss of Gazprom exceeded PLN 36 billion. For comparison, the company had a profit of 733.99 billion rubles a year earlier,” we read on wnp.pl.
The effect of the COVID-19 epidemic
The poor performance of the company managed by Alexei Miller is a natural consequence of the COVID-19 epidemic and the ensuing blockade of economies in many countries around the world. This in turn contributed to the weakening of the commodity market, including a decrease in the demand for fossil fuels. Consequently natural gas prices dropped and in the second quarter of last year, Gazprom had to pay extra for the production of blue fuel, selling 1,000 m3 for less than one hundred dollars.
As pointed out by wnp.pl, the effects of how cheaply Gazprom sold its raw material can be seen now. According to the data of the General Customs Administration of the People’s Republic of China, the average price of Russian gas supplies to this country since the beginning of 2021 has dropped to USD 118.5 per thousand. m. six., while a year ago it was 202 dollars.
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