Russian Gazprom’s Reports Slight Increase in First Quarter’s Net Profit

(MENAFN) Russian energy giant Gazprom reported a slight 1% increase in net profit for the first quarter of 2025, reaching 660.4 billion rubles (approximately $8.4 billion), compared to the same period last year. The modest rise was largely driven by the ruble’s appreciation against foreign currencies, which allowed the company to gain from the revaluation of its foreign currency liabilities, the company revealed on Friday.

Gazprom’s revenues also edged up 1% year-on-year, hitting 2.8 trillion rubles ($35.6 billion) in Q1.

Once Europe’s top natural gas supplier before the Ukraine conflict, Gazprom expanded its market share to 40% by 2022 through decades of pipeline investments spanning nearly five decades. However, the company has since faced significant challenges from Western sanctions, losing European customers to liquefied natural gas (LNG) exporters including the US, Qatar, and Norway.

The impact is stark: Gazprom’s natural gas deliveries to Europe plummeted from 201.7 billion cubic meters in 2021 to just 15 billion cubic meters last year.

In a strategic pivot, Gazprom announced on Friday that it has now delivered its first 100 billion cubic meters of natural gas to China via the Power of Siberia pipeline, signaling a growing focus on Asian markets.

This mixed performance underscores Gazprom’s ongoing navigation through geopolitical pressures while adapting its global energy footprint.

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