Gazprom Cuts Investment, Shifts Focus To China Amid Declining European Sales

📆 01/12/2024 03:02 ص
📰 OilandEnergy

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Gazprom,Investment Cut,Russia

Russian energy giant Gazprom plans to decrease its investments by 7% for next year, as the company redirects its focus to developing natural gas fields and processing facilities in eastern Russia and the Yamal peninsula. This shift comes as Gazprom prioritizes supplying gas to China over Europe, following the country's invasion of Ukraine and subsequent cut-off of gas supplies to many European nations.

Russian gas giant Gazprom is cutting its planned investments for next year by 7% compared to 2024 levels as more natural gas flows out of Russia are now headed to China instead of Europe.

European sales are likely to plummet further in 2025, as Gazprom itself is assuming that it will not be sending gas to Europe via Ukraine after December 31, 2024, when the current transit deal expires. Gazprom is assuming in its internal planning for 2025 that it will not be sending natural gas to Europe via Ukraine as of January 1, a source with knowledge of the Russian gas giant's plans toldReuters this week.

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