Russian oil giant Gazprom PJSC said its gas sales revenue in 2024 will exceed its own forecast, Bloomberg reported, giving the Russian energy giant a boost after a loss last year.
“Gas sales revenue will amount to 4.6 trillion rubles ($45.8 billion), which is 155 billion rubles ($1.6 billion) more than was expected in the initial financial plan,” Deputy CEO Famil Sadygov said. This figure will also surpass last year’s gas sales revenue.
Last year, Gazprom reported its first annual loss since 1999 as exports to Europe fell amid falling fuel prices and the ongoing Russia-Ukraine conflict. But so far this year, Russian gas exports to Europe have risen more than 13% from the same period in 2023 to 29.7 billion cubic meters, according to Bloomberg calculations.
About half of Europe's gas passes through Ukraine, although Gazprom's five-year transit agreement expires at the end of December. Last week, the leaders of Russia and Ukraine ruled out extending the deal.
Gazprom has also expanded its domestic gas pipeline network and acquired Shell Plc's previous stake in the Sakhalin-2 oil and gas joint venture in Russia's Far East, which helped boost net income in the first half of the year.
For the first time, Gazprom's gas supplies to China this year exceeded pipeline flows to Europe - previously the company's biggest market.
Russia supplied nearly 28.5 billion cubic meters of gas to China via the Power of Siberia pipeline from January to November, up 40% from the same period last year, according to Bloomberg calculations based on customs data from China and price estimates from the Russian Economy Ministry.
