Breaking News
June 16, 2025 - United States Dominates Trinidad and Tobago in Gold Cup Opener June 15, 2025 - Club World Cup: Inter Miami and Al Ahly Open Tournament with Stalemate June 15, 2025 - Liverpool's Andy Robertson Open to Atletico Madrid Move Amid Transfer Rumors June 14, 2025 - Manchester United Debunks 'Man United Tax' Myth in Transfer Deals June 14, 2025 - Barcelona Eyes Nico Williams Transfer Amid Rumors and Talks with Agents June 13, 2025 - Exploring the Significance of the Expanded FIFA Club World Cup June 13, 2025 - Paul Pogba in Advanced Talks with AS Monaco for Football Return June 13, 2025 - Barcelona to Sign Joan García from Espanyol for €25 Million June 13, 2025 - Manchester City Yet to Receive Formal Offer for Jack Grealish Despite Transfer Availability June 13, 2025 - 2025 FIFA Club World Cup Preview: Team Previews, Players, and Predictions
  • HotRecentNews.com
  • World
  • Politics
  • Sports
  • Entertainment
  • Science
  • Technology
  • Health
HotRecentNews.com
Menu
  • World

  • Politics

  • Sports

  • Entertainment

  • Science

  • Technology

  • Health

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 11
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 TikTok Removes #SkinnyTok Worldwide After Pressure from Brussels and Paris

Leave a comment Cancel

reload

Trending Now

  • Today
  • Yesterday
  • Month
  • Comments
  • 1

    USA vs. Trinidad and Tobago Concacaf Gold Cup Live Updates

    June 16, 2025
  • 2

    Real Madrid Eye Trio of Transfer Targets Including Liverpool's Konate

    June 16, 2025
  • 3

    Kansas City Current Dominates NWSL Power Rankings

    June 16, 2025
  • 4

    Real Madrid Prepares for Club World Cup Under New Coach Xabi Alonso

    June 16, 2025
  • 5

    MLS Power Rankings: Union Winning Streak Challenges Whitecaps in ESPN's Latest Ranking

    June 16, 2025
  • 1

    Tottenham to Sign Mathys Tel from Bayern Munich in Permanent Transfer Deal

    June 15, 2025
  • 2

    Tottenham Signs Mathys Tel on Permanent Transfer from Bayern Munich

    June 15, 2025
  • 3

    Liverpool's Robertson Open to Atletico Madrid Move, Transfer News Update

    June 15, 2025
  • 4

    Auckland City, the Amateur Team Facing Giants at Club World Cup

    June 15, 2025
  • 5

    Chelsea Squad Evaluation: Keep or Sell Players for the Upcoming Season

    June 15, 2025
  • 1

    Gigantic 'Bird-Like Object' Spotted Near the Sun by Russian Astronomers

    May 26, 2025
  • 2

    Ukraine's Operation Spiderweb Strikes Russian Air Bases, Tensions Rise

    June 2, 2025
  • 3

    Polish Paradox: New President Karol Nawrocki's Eurosceptic Stance Challenges Brussels

    June 2, 2025
  • 4

    Polish Prime Minister Tusk Requests Confidence Vote After Election Loss

    June 2, 2025
  • 5

    Spain Defeats France in Thrilling 9-Goal Match to Advance to Nations League Final

    June 5, 2025
Hot Recent News
The HOTRECENTNEWS.com is not responsible for the content of external sites.

SEARCH

  • World News

Back to Top