Russia's Gazprom Group, a state-controlled energy giant, has disclosed its first annual net loss in 23 years, signaling a significant shift in financial performance attributed to dwindling gas shipments to Europe and pricing pressures.
The decline in gas revenues, underscored by a 40% drop in gas revenue to 4.88 trillion rubles, has led Gazprom to explore revenue diversification strategies. Despite gas revenue setbacks, the group witnessed positive performances in its oil and power segments, with revenue from the oil business rising by 6.7% to 3.88 trillion rubles and sales at its power utilities business increasing by 8.8% to 617 billion rubles.
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