Gazprom Tops List of Russia's Most Unprofitable Companies
Gazprom Tops List of Russia's Most Unprofitable Companies
Gazprom has topped the Forbes list of Russia's most unprofitable companies for 2023. The publication revealed that the company's net loss for the year was 583.1 billion rubles, marking its first accounting loss in 25 years.
The second spot goes to the Amur Gas Chemical Complex, which recorded a net loss of 71.9 billion rubles. The complex, being built in the Amur region, is a joint venture between ‘Sibur’ and China's ‘Sinopec’. As of early September 2024, the project was over 55% complete and is expected to be one of the world's largest producers of polyethylene and polypropylene.
The losses of this not-yet-operational company were attributed to accounting reasons, including reserves for asset impairments and losses from foreign exchange differences due to asset and liability conversions into foreign currencies. Rounding out the top three is ‘Ozon’, with a net loss of 42.7 billion rubles for 2023, although this loss has decreased by 27% due to increased gross profit and the absence of one-time expenses.
Energy
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The oil field we have been developing for 30 years has seen its estimated reserves increase from 500 million tons to 1.5 billion tons, according to the new assessments, the President of the Republic of Azerbaijan, Ilham Aliyev, said in an interview with the news agency "Russia Today."
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In a country with sufficient reserves of traditional and green energy, there is no need to invest in costly nuclear power, Ilham Aliyev, President of the Republic of Azerbaijan, said in an interview with "Russia Today" when asked whether Azerbaijan needs a nuclear power plant.
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Russia became the second-largest supplier of gas to the European Union in October, losing its leadership to Algeria, according to data from Eurostat. In September, Russia had become the primary gas supplier to Europe for the first time since spring 2022, delivering gas worth €1.4 billion and accounting for 23.7% of the EU's gas imports. However, in October, gas supplies dropped by 6% to €1.3 billion. As a result, Russia became the second-largest supplier, with a 21.2% share. Algeria increased its gas exports to the EU in mid-autumn, reaching €1.3 billion, up from €1.1 billion the previous month, and accounted for 21.6% of the market. The United States rounded out the top three, with €1.2 billion in gas exports, an increase of 19% compared to the previous month.
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In January-November of this year, solar power plants in Azerbaijan generated 520.2 million kWh of electricity, the monthly statistics report from the State Committee on Statistics of the Republic of Azerbaijan. According to the data, this is an increase of 457.9 million kWh (8.4 times) compared to the same period last year.
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