Gazprom provided about 35% of all Europe’s gas before the war. While in 2023, roughly two-thirds of the more than 109 billion cubic meters of natural gas Norway exported to the continent was sold by Equinor.
“Because Norway’s gas prices are higher than Russia’s, there was some fuming after Russian exports shrank about Norway benefiting at Europe’s expense,” Bloomberg wrote.
While Norway's new role as gas purveyor to Europe has been financially lucrative, with gas exports reaching a record high of 1.4 trillion kroner ($130 billion) in 2022, it has also raised questions about Norway's commitment to a green future.
Equinor's increasing importance in Europe became evident last summer when the company announced an extension of maintenance at some of its largest gas facilities, resulting in immediate gas prices surge of nearly 20%.
On May 2, Russian energy giant Gazprom reported its first annual net loss since 1999, driven by shrinking trade with Europe and falling fuel prices.
According to the report published by Gazprom Group, the company's loss in 2023 totaled RUB 629 billion ($6.9 billion), compared to a profit of RUB 1.23 trillion ($13.5 billion) in 2022. Gas revenue dropped by 40% since Russia began its full-scale invasion of Ukraine in February 2022. Nonetheless, Gazprom continues to transport pipeline gas to several European countries, but its supply to Europe last year fell to the lowest level since the 1970s.
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Read the original article on The New Voice of Ukraine
Section: Nation
Author: Андрій Журба
