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Weather’s role in wildfires in Atlantic Canada | SaltWire #weather #climatechange #wildfireseasonMOSCOW - Kremlin-owned energy kingpin Gazprom, once Russia's most profitable company, could face a long period of poor performance as it struggles to fill the gap of lost European gas sales with its domestic market and Chinese exports.
Gazprom relied on Europe as its largest sales market until 2022, when Russia's conflict with Ukraine prompted the EU to cut Gazprom gas imports. Mysterious blasts at Nord Stream undersea gas pipelines from Russia to Germany in September 2022 also significantly undermined Russian gas trade with Europe.
Russia's biggest hope is the Power of Siberia 2 pipeline via Mongolia, which is planned to export 50 bcm per year. But that has hit some pitfalls due to the lack of agreement over pricing and other issues. According to Moscow-based BCS brokerage, Gazprom's revenue from gas sales to Europe in 2015-2019 averaged at $3.3 billion per month thanks to monthly supplies of 15.5 bcm.
The financials of Gazprom, which also include its oil and power units, showed that the revenue from the natural gas business more than halved last year, to just over 3.1 trillion roubles, while oil and gas condensate sales amounted to 4.1 trillion roubles, up 4.3%, according to BCS brokerage.
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