Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented on the current situation and future prospects of Gazprom to Forbes.
According to ENTSOG, Gazprom's supply growth to the EU increased by 44% in the first half of the year, Belogoryev cites figures.
"It was not the growth of the EU gas demand that played into Gazprom's hands, it just decreased by 3.2% in the first half of the year. The thing is that LNG suppliers have reduced shipments to Europe, redirecting cargo to the more profitable Asian market, and Gazprom managed to compensate for part of this drop," the expert adds.
"The combination of factors that led to the losses in 2023 was short-lived. Gazprom, in my opinion, will continue to be profitable," Belogoryev believes. Another thing is that the gas giant is now heavily dependent on the Gazprom Neft success.
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