Breaking News
May 17, 2025 - Lufthansa Co-Pilot Faints: Plane Flies 10 Minutes Unattended May 17, 2025 - Pope Leo XIV's Festive Inauguration Surrounded by Rituals and Traditions May 17, 2025 - Liverpool's Conor Bradley Signs New Contract Amid Trent Alexander-Arnold Departure May 17, 2025 - Republican Voters in Conservative 'Orange City' in Iowa React to Trump's Presidency May 17, 2025 - Carlo Ancelotti Content with Real Madrid Signings Amid Defensive Rebuild May 17, 2025 - Dozens Killed in Gaza in Israeli Offensive, Hospital Situation Catastrophic May 17, 2025 - Transfer Rumors: Barça, Madrid, Chelsea Eye Jonathan David May 17, 2025 - Poland Faces Challenges as Millions of Ukrainian Refugees Impact Support for Asylum Seekers May 17, 2025 - Denmark's Green Tripartite Agreement Sets Landmark in Agricultural Sustainability May 17, 2025 - Trump's Foreign Policy: Balancing Act or Strategic Mistake?
  • HotRecentNews.com
  • World
  • Politics
  • Sports
  • Entertainment
  • Science
  • Technology
  • Health
  • Columbus
HotRecentNews.com
Menu
  • World

  • Politics

  • Sports

  • Entertainment

  • Science

  • Technology

  • Health

  • Columbus

Home / World / Gazprom to Cut Hundreds of Jobs at Head Office Due to Declining Revenues

Gazprom to Cut Hundreds of Jobs at Head Office Due to Declining Revenues

Gazprom to Cut Hundreds of Jobs at Head Office Due to Declining Revenues
No Comments 6
Facebook X
World January 14, 2025 19:49

amsterdam - Russian state-owned company Gazprom is reportedly planning to reduce hundreds of jobs at its head office in St. Petersburg due to disappointing revenues.

According to an internal memo, Gazprom, once the dominant supplier of natural gas across Europe, is set to decrease the number of employees at its Lakhta Tower headquarters from over 4,100 to around 2,500. The memo, sent by deputy director Elena Ilyukhina to CEO Alexey Miller, has been confirmed by Gazprom, though the company has declined to provide further comments.

Some of the staff may be transferred to other Gazprom units or subsidiaries, as indicated in the memo.

The Gazprom Group, which includes all oil, gas, and electricity companies, reported over 498,000 employees by the end of 2023 and manages 17% of the world's natural gas reserves.

The downsizing at the prestigious St. Petersburg headquarters contradicts Moscow's portrayal since the invasion of Ukraine. President Putin claims that the profits from oil and gas sales have only increased in value since the sanctions imposed after the 2022 invasion. Natural gas prices have tripled since then.

Until the end of last year, Europe received 5% of its usual orders of Russian Gazprom gas via land pipelines. However, there has been a slight increase in shipments of liquefied natural gas (LNG) via sea routes using chartered tankers sailing under different flags. More consignments have also been unloaded in Rotterdam ports, causing concern for the government.

In 2023, Gazprom reported its first annual net loss in 24 years, totaling 629 billion rubles, approximately €6.5 billion at that time's exchange rates. Since then, Gazprom has expanded its market share in Asian countries not adhering to the sanctions against Russia.

In 2024, Russian income from its vast fuel reserves decreased by 5% annually. Gazprom claims a 9% annual revenue increase from pipeline gas. In December, the company announced a 4% rise in fuel revenues compared to November, amounting to €652 million monthly after two months of decline.

Gazprom generated €54 billion in revenue in 2023. The setbacks could worsen as ten EU countries have urged other member states to completely ban the import of gas from pipelines and liquefied natural gas from Russia.

Brussels is reportedly contemplating stricter sanctions against Moscow, marking the sixteenth consecutive package of measures. Since the invasion, Gazprom's stock has lost 40% of its value on the Russian market.

NEW German Stock Market's Resilience Amidst Economic Stagnation

Leave a comment Cancel

reload

Trending Now

  • Today
  • Yesterday
  • Month
  • Comments
  • 1

    Two Dead and Five Injured in Avalanche on Eiger Mountain, Switzerland

    May 18, 2025
  • 2

    Crowds Gather at St. Peter's Square for Inauguration of Pope Leo XIV

    May 18, 2025
  • 3

    German Stock Market's Resilience Amidst Economic Stagnation

    May 18, 2025
  • 4

    Marcus Rashford Eyeing Barcelona Move Despite Salary Differences

    May 18, 2025
  • 5

    Jeremie Frimpong Set for Liverpool Medical: First Summer Signing

    May 18, 2025
  • 1

    Multiple Fatalities After Severe Storm Hits Missouri, USA

    May 17, 2025
  • 2

    Increase in Illegal Migration from Bangladesh to EU Raises Concerns

    May 17, 2025
  • 3

    Man Seriously Injured by Falling Palm Tree at Cannes Film Festival

    May 17, 2025
  • 4

    Federal Reserve Plans to Cut 10% of Jobs Amid Trump's Budget Threats

    May 17, 2025
  • 5

    Crystal Palace Secures FA Cup Victory Over Manchester City

    May 17, 2025
  • 1

    Man City Transfer Rumors: Gibbs-White Targeted

    April 19, 2025
  • 2

    Pope's Funeral Seating Plan and Dress Code Revealed

    April 25, 2025
  • 3

    French Farmer Discovers Gold Deposit Worth Over 4 Billion Euros on His Land

    April 25, 2025
  • 4

    Tourist Impaled by Railing After Climbing Over Fence at Colosseum

    May 4, 2025
  • 5

    Ukrainian War Survivors Featured in Playboy: Embracing Beauty and Resilience

    May 9, 2025
Hot Recent News
The HOTRECENTNEWS.com is not responsible for the content of external sites.

SEARCH

  • World News

Back to Top