Russian state-owned natural gas firm Gazprom had a rough go of it last year, to say the least, as net profits fell 86 percent. The FT reports:
Gazprom, the world’s biggest gas producer which accounts for about a fifth of Russian government revenue, reported on Wednesday that net income attributable to its shareholders for 2014 fell to Rbs159bn ($3.1bn) from Rbs1.1tn in 2013.A weak ruble goes a long way towards explaining this plunge in profitability, but so too can the company’s decision to shut off gas to Ukraine, one of its biggest customers. So far thanks to a lag in the …read more
Source: The American Interest
