The largest Russian multinational company Gazprom recorded record losses. For the I quarter 2020 of the year, the corporation suffered losses in the amount of 199, 2 billion rubles. This amount is equivalent to 4, billion dollars. Last year, over the same period, Gazprom's net profit amounted to more than 50, 4 billion rubles.
The coronavirus pandemic played a major role in Gazprom's problems - from January to April, the company reduced its exports to Europe by 20%.
"For Gazprom, as a supplier of fuel and energy resources, the seasonal factor is very important. Therefore, the winter first and fourth quarters are in the annual the company’s cycle is the most significant, "writes Interfax.
In addition, This year Gazprom also plans to reduce exports by another 14% and predicts a one-third reduction in gas prices. Thus, the company's losses may increase to the amount of 16 billion dollars.
The devaluation of the Russian ruble also became a problem for the gas monopolist, as a result of which the external debt of Gazprom, which was occupied in foreign currency, increased by 20% - up to 3.7 trillion rubles.
They hit Gazprom and in the legal field - Naftogaz requires compensation in the amount of 18, $ 8 billion for gas shortages, and the Polish PGNiG requires $ 1.5 billion for blue gas supplies higher prices. Also, the Poles no longer intend to import gas through the Yamal-Europe pipeline, which is an overpass for deliveries of up to 20% of Russian gas to the EU countries. As a result, the Russians will be forced to overpay for the supply of their own gas.
There are problems with the Nord Stream - 2 gas pipeline. The legislation of the European Union has changed in this way, that through the overpass, the construction of which is still in doubt, it will be possible to supply only 50% of all planned gas supplies. Moreover, under the current conditions, when gas prices collapsed, it is not profitable for Gazprom to supply blue fuel to Europe.
Recall, Gazprom decided to complete the gas pipeline Nord Stream 2, which Washington strongly opposes.