Posted on 06/11/2024 12:34:52 PM PDT by marcusmaximus
Gazprom, once Russia's biggest earning company, last year made its largest ever cut in natural gas production as the war in Ukraine continues to affect the majority state-owned energy giant.
Until 2023, Gazprom was the largest publicly listed natural gas company in the world, but the engine of Russia's economy has paid a high price due to Vladimir Putin's full-scale invasion of Ukraine, last month posting its first annual loss in a quarter of a century.
Adding to the bad news, Gazprom's annual report released Monday said that it had cut natural gas production by 13 percent to an all-time annual low of 359 billion cubic meters (bcm). This was down from 412.94 bcm the previous year and a third less than the 515 bcm from 2021, in the year before the war.
The gas production figures are the lowest since the company was established by the Ministry of Gas Industry at the end of the Soviet Union in 1989, Reuters reported.
(Excerpt) Read more at newsweek.com ...
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