While Russian oil giant Rosneft and LNG giant Novatek are holding down the fort for shareholders, Gazprom is feeling the bite of Western sanctions, based on its full-year profit reporting this week.
It’s more likely that western sanctions, and not a windfall tax by Moscow, are the main reason behind Gazprom’s falling profits. Although Gazprom’s natural gas exports were not directly affected by the sanctions, export volumes were still cut in half to 101 billion cubic meters in 2022 as Europe dramatically cut gas imports from Russia.
It’s going to be interesting to see whether Gazprom will be able to continue with its lavish spending plans with profits in a tailspin.The Board of Directors approved the investment program and the budget of Gazprom for 2023. Investment program indicators did not check if compared to the version approved by the Executive Committee of Gazprom in November of this year. Funding of the investment program for 2023 will total 2.
" the company has said. Gazprom is the world’s largest natural gas producer with more than 18 trillion cubic feet in 2021. The latest set of results also suggest that the natural gas price caps set by the EU last year are working. After initially hitting a dead-end amid deep divisions, EU ministers to implement a gas price cap of €180/MWh, lower than the €275/MWh trigger originally suggested by the European Commission.
Pro-cap countries including Poland, Belgium and Greece had dismissed the original cap proposal as too high, arguing that it needs to be below €200/MWh if it is to tackle the high gas prices that the continent has grappled with this year. Interestingly, Germany also voted to support the price cap despite having reservations that the price cap will negatively impact Europe's ability to attract gas supplies in tight and price-competitive global markets.
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