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Gazprom Reported to Undergo Corporate Restructuring Amid Financial Losses; Dollar Bonds Rise
March 27, 2025
Gazprom, Russia’s energy giant, is said to be undergoing a significant restructuring amid recent financial losses, as per FT. Projections indicate losses exceeding $179bn through 2034. This downturn stems from Europe’s drastic reduction in Russian gas purchases following the Russia-Ukraine war, leading to a projected 5x drop in exports by 2034 (vs. 2019 levels). Deputy CEO Yelena Ilyukhina is said to be leading a downsizing effort, including department closures and consolidations, aiming to streamline Gazprom into a “vertically integrated company.” Gazprom Neft, a profitable subsidiary, is expected to play a key role in this. The restructuring aims to shift control to a “strong center”, moving away from powerful subsidiaries. This overhaul reflects Gazprom’s adaptation to a changed market landscape, driven by geopolitical shifts and reduced European demand.
Its dollar bonds jumped higher, with its 2.95% 2029s up by 7 points to 69 cents on the dollar, yielding 13.6%.
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