Gazprom’s net income dropped almost 6% year-on-year in the first half of 2025 to 983.1 billion roubles ($12.2 billion), the state-owned Russian company said on Friday, due to a stronger rouble and weaker oil prices.

Revenue also edged down to 4.99 trillion roubles.

Gazprom incurred a loss of around $7 billion in 2023, its first since 1999, following a plunge in sales to Europe.

Russian gas now accounts for just 18% of European imports, down from 45% in 2021, while the region’s oil imports from Russia have fallen to 3% from around 30% over that time. The European Union plans to fully phase out Russian energy by 2027.

The company is trying to increase its gas supplies to other markets, especially to China, though efforts to secure a deal on a new pipeline to the country have faced numerous challenges, including over price.

Gazprom will sign an “important” agreement with Chinese corporation CNPC next week during President Vladimir Putin’s visit to China, Kremlin foreign policy aide Yuri Ushakov said earlier on Friday.
Source: Reuters