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Gazprom Said to be Exploring Cost Cutting Measures Amid Second Year of Losses
March 21, 2025
Gazprom is said to be exploring cost-cutting measures, including selling off luxury hotels, as it reported a second successive year of net losses, at RUB 1.08tn ($12.9bn) in 2024. Gazprom’s saw a 55% drop in gas exports to the EU, exacerbated by sanctions. An internal report seen by FT, notes that Gazprom is struggling to find alternative markets, and that it may not recover to pre-war export levels until 2035. Gazprom has started laying-off administrative staff, with potential cuts of up to 40%. It has also begun selling off luxury properties, including hotels and its St. Petersburg headquarters. To mitigate the loss of European business, Gazprom has increased trade with China, but has not been able to replace the volume of exports previously sold to Europe. While peace talks continue, analysts doubt Europe will return as a major buyer of Russian energy, given the rise of alternative energy sources and new suppliers.
Its dollar bonds were trading higher by a point, with its 2.95% 2029s at 63 cents on the dollar, yielding 16.3%.
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