MOSCOW (AP/BLOOMBERG) – The profits of the Russian state gas group Gazprom fell sharply in the first half of this year because of the sharp decrease in gas supplies to Europe as a result of the war in Ukraine. This was partly offset by increased gas supplies to China.
Gazprom factory
The net profit amounted to 296 billion rubles, the equivalent of 2.9 billion euros. That was 2.5 trillion rubles in the first half of last year, which was a record thanks to the high gas prices. With that, Gazprom’s profitability has fallen to its lowest level since 2020.
China
Gazprom has largely halted gas deliveries to Europe because of Western aid to Ukraine.
Gazprom is now supplying more gas to China, but that is only a limited part of the quantities supplied to Europe before the war in Ukraine, including via the Nord Stream gas pipeline between Russia and Germany that was blown up last year. Moscow wants to further increase gas supplies to China.
(C)BLOOMBERG 2023
GAZPROM PROFIT DOWN BY 85%, DESPITE EXTRA EXPORT TO CHINA AND INDIA!
There are weather models that predict a super “El Nino” (2 out of 3 chance) in September and October and that it will last until February 2024 (95% chance).
The world demand for hydrocarbons, as well as their price, could then drop significantly during the winter. Logically the income of some rentier states too 🙂
So?
Does this negate mafia land’s ability to continue its genocidal war? No, it doesn’t.
Does it eliminate its ability to purchase Western-made components for its missiles, tanks, and other gear? No, it doesn’t.
Will it make the cockroaches to starve? No, there is still plenty of grass to graze on and rats to fry.
If at least we could prevent so many attacks on Ukraine’s civilian infrastructure!