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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In 2023, Azerbaijan produced 4 million 369.8 thousand tons of fuel (automotive gasoline, diesel fuel, and aviation kerosene), whereas last year the total volume amounted to only 3 million 906.9 thousand tons. Over the past year, fuel production in the country decreased by 462.9 thousand tons, or by 10.6%.
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According to preliminary data, in the past year, Azerbaijan's gross domestic product (GDP) amounted to 126.3 billion manats (approximately $74.3 billion at the current exchange rate), a 4.1% increase compared to 2023, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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In 2024, the total volume of oil and condensate production in Azerbaijan amounted to 29 million 63 thousand tons, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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The Trans Adriatic Pipeline (TAP AG) consortium has developed a roadmap for preparing to transport hydrogen, according to TAP AG. “TAP’s goal is to develop infrastructure for hydrogen transportation. We have defined a roadmap for preparing for the medium- and long-term transportation of natural gas and hydrogen blends, as well as renewable gases. A preliminary study in 2021 confirmed the potential of TAP for transporting hydrogen mixtures in the future. Currently, we are conducting pipeline material tests at an international laboratory. The results of the first tests were received in the fourth quarter of 2024 and are now under evaluation. The next round of tests has already begun, and results are expected in 2025,” said the consortium.
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