Turkey, which became the second largest client of Gazprom after the cessation of supplies to most European countries, sharply reduced imports from Russia.

This is stated in the statistical data of the Turkish Energy Market Regulation Council (EPDK), reports The Moscow Times.

According to reports, in April, Turkish importers purchased only 413 million cubic meters of pipeline gas from Gazprom, which is 3.6 times less than in the same month a year ago (1.52 billion cubic meters).

At the same time, purchases of Azerbaijani gas increased by 12% to 1 billion cubic meters. Turkey bought another 544 million cubic meters from Iran – twice as much as in March and February.

Turkish companies completely refused Russian liquefied gas: in April, the country’s ports did not accept a single tanker with raw materials from Russia .

Algeria became the largest supplier of liquefied gas to the country (5 gas tankers), and the total volume of imports amounted to 437 million cubic meters (-37% year-on-year).

Turkey, which has not joined the sanctions against Russia and has become a major “transit hub” for Russian imports and cash flows, last year bargained for a big gas discount when state energy company Botas won the right to delay payments to Gazprom by $4 billion.

In May, it was reported that last year Turkey became the largest buyer of Russian oil products in the world . Thus, Turkey received a total of 18% of diesel, gas oil, aviation gas and other processed products exported from Russia by sea. Russian supplies accounted for 81% of its imports, but not all volumes are needed by Turkey for its own needs.

Losses of “Gazprom”

As reported, gas production by Russia’s Gazprom fell by 13% in 2023 to 359 billion cubic meters from 412.9 billion cubic meters in 2022.

In 2021, it reached 515 billion cubic meters, so over the past two years, Gazprom’s production has fallen by 30%.

Russian Gazprom recognized a net loss for 2023 in the amount of 629.1 billion rubles. ($6.84 billion) after a net profit of 1.23 trillion rubles. a year earlier For comparison, for 2021, the Russian gas monopolist received 2.68 trillion rubles of net profit.

Gazprom recorded a loss for the last time before this in 1998.

Gazprom’s revenues are falling due to the loss of the European gas export market, which was its most profitable business in the fuel sales segment. In particular, in 2023, the supply of Russian gas to Europe via pipelines fell to 28.3 billion cubic meters.

At the same time, it is not possible to make up for the lost market in Europe by increasing domestic sales and exports to China, so Gazprom, once the most profitable Russian company, is at risk of a long period of poor financial results, Reuters noted .

At the beginning of June 2024, the FT publication wrote that Gazprom will not be able to restore the volume of gas exports lost as a result of the war in Ukraine, at least for 10 years.

In May of this year, shares of Russian Gazprom on the Moscow Stock Exchange fell to their lowest level since February 24, 2022, when the entire stock market of the Russian Federation collapsed after the start of the invasion of Ukraine. Джерело: https://biz.censor.net/n3497211

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