Gazprom CEO Alexei Miller at St. Petersburg International Economic Forum in 2022
Gazprom: from boom to bust
Lacking either the ability to generate cash for the Kremlin or serve as its geopolitical tool, Gazprom has lost its purpose
Russia’s Gazprom faces an existential crisis, after suffering its first annual loss in 24 years on the back of a collapse in its once-lucrative gas business in Europe. The state gas exporter’s future prospects depend on expanding sales to China. But Beijing is in no rush to receive this gas and is all too aware that the longer it waits, the better the price it is likely to get. Having once set its sights on becoming the world’s first trillion-dollar company, Gazprom is now struggling to find new avenues for growth. Gazprom plunged to an IFRS net loss of RUB629 ($7.4b) in 2023, it reported on 2 May, marking its first swing into the red since 1999, when Russia was in the middle of a severe fin
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
