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 State Oil Company of Azerbaijan (SOCAR), founded in September 1992, plans to diversify its project portfolio towards low-carbon initiatives by 2035, Hikmet Abdullayev, SOCAR's Deputy Vice President, said at a panel discussion at Baku Climate Week. "SOCAR has a clear vision of how our company will evolve from an oil and gas entity into a national energy company. We believe that by 2035, we will have a diversified portfolio that includes low-carbon projects alongside hydrocarbon extraction assets," he stated.
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On October 2, British bp, SOCAR Green (a subsidiary of SOCAR), and the Azerbaijan Investment Company (AIC) signed a Joint Participation Agreement in Baku for the construction of the 240 MW “Shafag” solar power plant in Jabrayil.
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Rovshan Najaf, President of SOCAR, met with Alexander Dyukov, Chairman of the Board of Directors of “Gazprom Neft”, on October 2. SOCAR’s social media publication noted that the meeting involved discussions on mutually interesting issues, but did not provide further details.
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Serbian company “Srbijagas” Director Dušan Bajatović stated that gas supplies from Azerbaijan cannot fully replace Russian gas imports for Serbia. "With the contract with Azerbaijan, we have shown our desire to diversify, but the problem is that Azerbaijan currently does not have such volumes of available gas. At the moment, such volumes can only be procured from Russia," Bajatović said during a broadcast on Serbian Radio and Television (RTS).
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