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Gazprom CEO confirms Russian gas still flows to EU via Ukraine

Published Nov 11, 2023 16:16
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In a recent revelation, Gazprom (MCX:GAZP)'s CEO, Aleksey Miller, stated that contrary to the claims of several European nations, Russian gas is still being supplied to the EU. The disclosure was made during an interview on the show Kremlin. Putin, where Miller clarified that the gas reaches Europe through a Ukrainian route and is distributed after reaching Austria's Baumgarten hub.

The statement by Miller comes at a time when European countries have been vocal about reducing their reliance on Russian energy. Earlier this year, top EU officials had asserted their progress in diminishing dependence on Russian gas following the Nord Stream pipeline destruction in 2022 and the subsequent supply challenges. The EU's rejection of Moscow's demand for fuel payments in rubles further strained relations and led to a significant drop in Russian gas imports.

In response to the cut in Russian supplies, the EU emerged as the largest global buyer of liquefied natural gas (LNG), with the United States stepping up as a key LNG exporter to the market. Despite these efforts, Miller’s recent comments indicate that Russian gas has not been entirely phased out from the European market.

Miller further detailed that the continued supply of Russian gas to Europe is facilitated via infrastructure at the Russian compression station of Soudja, which then transits through Ukraine. This route remains active despite earlier claims suggesting a cessation of Russian gas deliveries.

The ongoing situation underscores the complexities of Europe's energy landscape and its continued entanglement with Russian energy resources. While efforts to achieve energy independence persist, the recent statements by Gazprom's CEO highlight that the transition away from Russian gas may be more gradual than previously communicated by EU officials.

InvestingPro Insights

In light of the recent developments, InvestingPro provides some insightful data and tips for Gazprom (GAZP). As of the last twelve months of Q4 2022, Gazprom has a market cap of 43178.74M USD and trades at a low earnings multiple with a P/E ratio of 3.32. This data suggests Gazprom's strong financial standing despite the ongoing geopolitical tensions.

InvestingPro Tips highlight Gazprom's impressive gross profit margins, which stood at 76.02% for the last twelve months of Q4 2022. This aligns with Gazprom's status as a prominent player in the Oil, Gas & Consumable Fuels industry. Furthermore, Gazprom's liquid assets exceed its short-term obligations, indicating a healthy financial position.

However, it's worth noting that Gazprom does not pay a dividend to shareholders. This could be a crucial factor for potential investors to consider. For more in-depth insights and additional tips, consider exploring the InvestingPro platform, which currently lists eight valuable tips for Gazprom.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Gazprom CEO confirms Russian gas still flows to EU via Ukraine
 

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