Losses of Russian energy giant Gazprom almost doubled

The net loss of the Russian energy giant Gazprom under Russian Accounting Standards (RAS) totalled RUB 480.64 billion (roughly US$5.5 billion) in the first half of 2024 after RUB 255 billion (roughly US$2.95 billion) of losses in January-June 2023.

Source: enkorr, a Ukrainian energy-related news outlet, citing the company's financial statements

Details: Gazprom calculates dividends from the group's consolidated profit in accordance with International Financial Reporting Standards (IFRS), which, in addition to the gas business, also includes oil, power and liquefied natural gas divisions.

The dividend policy envisages adjustments to the dividend base for non-cash items.

The rise in losses for the Russian gas monopoly is primarily due to reduced gas supplies to Europe, while the company's operating costs remain high.

Background: In 2023, natural gas supplies to Europe by the Russian energy giant Gazprom decreased by 55.6% to 28.3 billion cubic metres.

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