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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Climate change remains one of the most serious challenges facing developing countries, said Qatar's Minister of Environment and Climate Change, Abdullah Abdulaziz bin Turki Al Subaie, at the COP29 summit. Qatar's approach to combating climate change is based on the National Vision 2030, which places environmental protection at its core.
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We need to do more to fight climate change in all areas, the Minister of Climate and Environment of Norway, Tore Onshuus Sandvik, said at the COP29 summit in Baku. Focusing on three key areas, the minister emphasized the need for national commitments that align with the goal of limiting the temperature rise to 1.5°C. "Every ton counts. We need deep, fast, and sustainable emission reductions," the Norwegian minister said, stressing the importance of ambitious targets.
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Azerbaijan plays a constructive role in regulating the global oil market, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham al-Ghais, said at a meeting with Azerbaijan's Energy Minister Parviz Shahbazov at COP29.
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At an event organized jointly with the International Energy Agency (IEA) as part of COP29, a roadmap for energy efficiency policy in Azerbaijan was presented. According to the Ministry of Energy of Azerbaijan, Deputy Minister Orkhan Zeynalov, speaking at the event, noted that Azerbaijan supports international efforts to combat climate change and is committed to reducing greenhouse gas emissions. He emphasized that serious steps are currently being taken to accelerate the transition to a "green" economy.
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