The Russian Gazprom has registered a 35% decrease in the nine-month net profit of 556,3 billion rubles compared to the same period of the previous year, penalized by the war with Ukraine and by foreign exchange losses.
After setting aside 83,9 billion rubles against Ukraine's debt accumulated for gas supplies, Gazprom explained that the future was also bleak, with the drop in crude oil prices likely to reduce its investment plan.
“Further declines (in crude oil) may adversely affect our business … and the ability to finance planned investments,” Gazprom said in a note on its nine-month results ending in September, referring to oil prices down 60% from June. Gas prices usually follow the direction of oil prices with a lag of 6-9 months.
Russia and Ukraine reached a tentative gas deal in October and Kiev paid part of its debt to Gazprom, now estimated at $2,44 billion. Kiev disagrees with this estimate. The deal expires in March.
The company adds that the exchange loss it amounted to 320,7 billion rubles in the period against 115,4 billion in the same period of the previous year.
Third quarter net income instead, it stood at 105,7 billion rubles, down from 276,1 billion a year ago, but better than analysts' forecasts for 46 billion.
