Liberalization and privatization: what awaits Gazprom after bankruptcy


In 2008, the head of Gazprom, Alexei Miller, said that in less than a decade, the capitalization of the state corporation will grow from $ 360 billion to $ 1 trillion. Given the company's monopoly position on the domestic market and its dominant position in Europe, this seemed quite real. Today, 12 years later, it is becoming apparent that the concept of an “energy superpower” has completely failed.


For Gazprom, there has been a continuous black streak over the past few years. Then, at the forum in Davos, the Europeans heard Mr. Miller, but interpreted his ambitions in their own way. The EU and other consumers of Russian gas have begun a consistent process of diversifying energy supplies. For example, Poland has already built an LNG terminal in Swinoustje and now intends to expand its capacity by 50%. The construction of the Baltic Pipe gas pipeline is being prepared to connect this country with Scandinavia. Liquefied natural gas costs the Poles more than Russian, but they are willing to pay for energy independence. In two years, Warsaw is going to completely abandon Gazprom's raw materials.

Things are also bad on the German gas front. Nord Stream 2 has been frozen indefinitely due to US sanctions. The domestic monopolist is still unable to proceed with its independent completion. Recently, a very alarming bell sounded: the German company Uniper, one of the key partners of this energy project, admitted in its official financial statements that the gas pipeline would not be completed at all.

It can be stated that Gazprom has almost completely lost the Turkish market. Previously, supplies went through the Blue Stream and one of the Turkish Stream lines. At the end of the first half of the year, the monopolist set an anti-record by selling to Ankara only 4,7 billion cubic meters. Instead of Russian gas, the Turks are actively pumping Azerbaijani pipeline gas, as well as buying LNG from Qatar. The last good news"From President Erdogan, they threaten to deprive the state corporation of these miserable remnants. According to his recent statement, Turkey has been able to find gas fields estimated at 320 billion cubic meters on its offshore shelf. In a couple of years, Ankara will be able to independently meet domestic needs for "blue fuel", and in the future - and compete with the Russian company in the southern European market.

The hopes for a "turn to the East" were not justified either. It turned out that there is simply not enough gas for the pompously launched Power of Siberia pipeline due to an unprofessional assessment of resource deposits. Now, in order to be able to fulfill its contractual obligations, Gazprom is forced to pull from Western Siberia the Power of Siberia-2 pipeline, which is supposed to be connected by a jumper with the first. Moreover, the top managers of the state corporation were unable to compel the Chinese partners to take or pay their favorite take or pay scheme. Beijing takes just as much gas as it sees fit and at reduced prices.

Failure follows failure, and one can recall the openly enslaving transit agreement with Ukraine and the multibillion-dollar fine that the monopolist paid to Naftogaz after a long bickering. As a natural result of such "effective management", the net profit of the state corporation decreased by 35% in the first six months compared to the level of 2019. If we take separately the market of Europe and countries outside the post-Soviet space, then the figure is even higher - 47%. In the CIS market, losses amounted to 23%. In general, instead of the expected capitalization records, Miller's team sets solid anti-records.

The question is how long will this continue. It is clear that top managers will prefer to compensate for losses by increasing tariffs for the Russian population and the real sector economics, but this is unlikely to add to the popularity of the authorities, especially on the way to 2024. The once leading energy company in the world is turning from a “national treasure” into a “national bankruptcy”. Already now it can be assumed that soon the various "experts" will start talking about the need to reform and "liberalize" the state corporation. It is possible that this gigantic structure will be split into several areas: mining, transit and directly involved in sales. Anything that still makes a profit will be privatized; unprofitable directions, of course, will be hung on the federal budget. As you know, cadres are everything.
Used photos: http://www.gazprom.com
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  1. kriten Offline
    kriten (Vladimir) 2 September 2020 11: 45
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    The current management of Gazprom brought Gazprom to bankruptcy. But if there is privatization, they will definitely have the most valuable assets. The standard scheme for the destruction of state property by theft.
    1. Alf Offline
      Alf (Vasiliy) 2 September 2020 19: 09
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      Quote: kriten
      The standard scheme for the destruction of state property by theft.

      Not by theft, but by the top of the state.

      Quote: kriten
      The current management of Gazprom brought Gazprom to bankruptcy.

      And WHO provided such a guide?
    2. Rashid116 Offline
      Rashid116 (Rashid) 8 September 2020 07: 47
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      Yes, there are no ideas, so little thoughts. Gazprom is not me and you (although, perhaps, you also move that kind of money). But, in my philistine opinion, before deciding to drive in such a sum, analysts of the highest category had to work there. What's the obsession with these pipelines? What a mania to throw money left and right. Any fines are incomprehensible, it is not clear for what? I advised everyone to look at the current composition of shareholders, and their share (if you don't know, you will be unpleasantly surprised). It reminds me of the 90s. Then also incomprehensible little people became shareholders of profitable enterprises, even competitors, like, we are in the subject, now we will set up your business, we will live. As a result, according to the same scheme, funds were withdrawn back and forth for obscure, muddy projects. And voila - profitable production went bankrupt, to the delight of competitors. You must remember all this if you find it.
      1. Rashid116 Offline
        Rashid116 (Rashid) 8 September 2020 08: 03
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        I have already commented on Gazprom, the text above. I think this is where everything goes. One-to-one scheme. Only not to them alone, who will let these suckers eat such a fat piece in one person)))? They are the kind of kings who execute and have mercy here. Give and take assets (if kicked up). And there they are who really are - that is, rogues and murderers. Sometimes it seems to me that because of this they are not taken for their own there, they are squeamish. Below, in my reply to boriz, I have added my position on Gazprom. The author has forgotten about the fine for the Poles. That's just too lazy to look - they paid for it or are still twitching))).
        1. Rashid116 Offline
          Rashid116 (Rashid) 8 September 2020 08: 17
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          Well, below 123 with their famous: "You are lying, this is not what V thought"))))).
  2. Mihail55 Offline
    Mihail55 (Michael) 2 September 2020 11: 49
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    With such personnel and enemies are not necessary ...
  3. Bulanov Offline
    Bulanov (Vladimir) 2 September 2020 13: 41
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    The state needs to get rid of the dominance of foreign shareholders. And the management of state corporations is obliged to give up foreign citizenship and real estate of close relatives.
    1. Alf Offline
      Alf (Vasiliy) 2 September 2020 19: 10
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      Quote: Bulanov
      The state needs to get rid of the dominance of foreign shareholders.

      And this power does not know how in another way.

      Quote: Bulanov
      And the management of state corporations is obliged to give up foreign citizenship and real estate of close relatives.

      Bees versus honey?
  4. Sergey Latyshev Offline
    Sergey Latyshev (Serge) 2 September 2020 13: 57
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    What are you worried about?

    They have already made standard moves:
    We paid ourselves super bonuses. Increase the price of gas within the country. They promoted their victory over the Arabs and the whole world in the coronavirus.

    And the sequel promises to be standard.

    Everyone should have got used to it.
  5. 123 Online
    123 (123) 2 September 2020 17: 18
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    How long can you crawl around the same place?
    The Poles will begin to receive gas from the Scandinavians, although there is nothing superfluous there, the Germans will switch to American LNG, although there is none, the Power of Siberia is not present and it is unprofitable, the SP-2 will not be completed, so all Russians will be raised the price of gas by 100500 times. Again, the joyful joy. laughing

    As a natural result of such "effective management", the net profit of the state corporation decreased by 35% in the first six months compared to the level of 2019. If we take separately the market of Europe and countries outside the post-Soviet space, then the figure is even higher - 47%. In the CIS market, losses amounted to 23%.

    It would be nice to cite the data of imported competitors for comparison.
  6. Oyo Sarkazmi Offline
    Oyo Sarkazmi (Oyo Sarkazmi) 2 September 2020 18: 33
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    Everything is gone, the client leaves, plaster cast??
    One cold winter, or even a month, and prices will skyrocket. In Europe.
    But there is one caveat. The main gas consumption from Gazprom, 65%, about 700 billion cubic meters per year, is within Russia, where prices remain practically unchanged.
    1. 123 Online
      123 (123) 2 September 2020 20: 29
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      The main gas consumption from Gazprom, 65%, about 700 billion cubic meters per year, is within Russia, where prices practically do not change

      In all fairness, it is changing. Nobody canceled inflation. In my opinion, now they are raising it by 3%, by the way, last year it was the same, if I am not mistaken - by 1,4%, and in 2018 by 3,4%. But for some reason, many are sure that they used to raise them just like that, but now Gazprom has lost polymers. winked
  7. steelmaker Offline
    steelmaker 2 September 2020 19: 54
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    The article is convincing. Examples are lethal. Bravo to the author! And I will repeat: "To manage this way - no brains are needed - it is enough not to have a conscience!"
  8. Citizen Mѣshkov (Sergѣi) 2 September 2020 20: 06
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    Chase such "effective" managers!
  9. 123 Online
    123 (123) 2 September 2020 21: 40
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    Poland has already built an LNG terminal in Swinoustje and now intends to expand its capacity by 50%. The construction of the Baltic Pipe gas pipeline is being prepared to connect this country with Scandinavia.

    Well, yes, well, yes .... Gazprom also had grandiose plans, and not only it. First, the Poles need to build all this. Secondly, there is no more gas in Norway.

    Things are also bad on the German gas front. Nord Stream 2 has been frozen indefinitely due to US sanctions. The domestic monopolist is still unable to proceed with its independent completion. Recently, a very alarming bell sounded: the German company Uniper, one of the key partners of this energy project, admitted in its official financial statements that the gas pipeline would not be completed at all.

    Surely Miller is twisting the Germans' hands, forcing them to abandon the project. winked

    It can be stated that Gazprom has almost completely lost the Turkish market. Previously, supplies went through the Blue Stream and one of the Turkish Stream lines. At the end of the first half of the year, the monopolist set an anti-record by selling to Ankara only 4,7 billion cubic meters. Instead of Russian gas, the Turks are actively pumping Azerbaijani pipeline gas, as well as buying LNG from Qatar.

    Oh, how not good it turned out, though there is one thing ...

    Also, Turkish Gazprom contracts have a take-or-pay clause, which obliges the buyer in any case to pay for the minimum fixed volumes of gas under the contract, even if the actual purchases are much less, as in 2020.

    https://www.rbc.ru/business/31/05/2020/5ed3f17f9a794765cbbcf2a8

    The hopes for a "turn to the East" were not justified either. It turned out that there is simply not enough gas for the pompously launched Power of Siberia pipeline due to an unprofessional assessment of resource deposits. Now, in order to be able to fulfill its contractual obligations, Gazprom is forced to pull from Western Siberia the Power of Siberia-2 pipeline, which is supposed to be connected by a jumper with the first. Moreover, the top managers of the state corporation were unable to compel the Chinese partners to take or pay their favorite take or pay scheme. Beijing takes just as much gas as it sees fit and at reduced prices.

    How much can you do about the same thing?



    In annual terms, production in August decreased by 5,7%... From January to August, Gazprom's production amounted to 287 billion cubic meters, which is 43,55 billion cubic meters less than in the same period last year.
    Total gas production in Russia in January-August amounted to 443,8 billion cubic meters, declining by 9% in annual terms... In August, the country produced 53,21 billion cubic meters of gas, which is 4,3% lower than in July.

    http://www.ngv.ru/news/dobycha_gazproma_vyrosla_v_avguste_na_7_5/

    Production at Gazprom fell even less than in Russia. Has anyone in the world increased the production and sale of gas? Economic downturn canceled? What is interesting is who is selling this gas to. Or are they hiding everything in their pockets?
    By the way, for those who like to moan about the high cost of gas, I recommend comparing yes
    https://ru.globalpetrolprices.com/natural_gas_prices/

    It is possible that this gigantic structure will be split into several areas: mining, transit and directly involved in sales. Anything that still makes a profit will be privatized; unprofitable directions, of course, will be hung on the federal budget.

    What bankruptcy are we talking about?
    The author did not confuse with Ukraine for an hour? Who is going to privatize Gazprom? Where do these crazy conclusions and assumptions come from?
    In general, a libel in the "corporate style" of the author. negative I'm not surprised, it's not clear why the public got so excited?
    1. Oyo Sarkazmi Offline
      Oyo Sarkazmi (Oyo Sarkazmi) 2 September 2020 23: 18
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      Quote: 123
      Where do these crazy conclusions and assumptions come from?

      The site should sow uncertainty and doubt. The Russians must constantly wait for Judgment of Heaven from the Great Light-faced Sahibs. In the hope that people have no memory even for yesterday.
      1. 123 Online
        123 (123) 2 September 2020 23: 31
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        The site should sow uncertainty and doubt. The Russians must constantly wait for Judgment of Heaven from the Great Light-faced Sahibs. In the hope that people have no memory even for yesterday.

        Indeed, what am I. what
        True, I'm not sure if this applies to the entire site, at least not to all articles. hi
        Well, in order not to get up 2 times, I want to please the alarmists. winked

  10. boriz Offline
    boriz (boriz) 3 September 2020 23: 41
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    Why is nobody considering the likelihood that Gazprom is quietly being prepared for nationalization?
    1. Rashid116 Offline
      Rashid116 (Rashid) 8 September 2020 07: 05
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      Yeah, and that's why they gave the blocking stake to our sworn friends (25% with a small plus, like ARD, Americans in general). Only recently we played back somehow, apparently, they realized that the ears were sticking out too clearly))). Now they have a little less than these same 25%, something around 24,9 (24,8), too lazy to look for everything in the public domain. But on the other hand there appeared a rather sickly% of "other" holders. Attention, the question: will they be able to find among these "other" those who will sell them shares (for any money, you understand the price of the issue, I hope)? And voila - they again have the ability to block any decision of these victims))).
  11. Sapsan136 Offline
    Sapsan136 (Sapsan136) 4 September 2020 15: 59
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    Those who call themselves liberals have stolen everything in the Russian Federation. They must be driven out of the Russian Federation in three necks, and further privatization leads the Russian Federation only to a new civil war and further impoverishment. Privatizators live somewhere in NATO countries, and grandmothers are pumping out of the already impoverished Russian Federation.
    1. Rashid116 Offline
      Rashid116 (Rashid) 8 September 2020 07: 35
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      The so-called "liberals" have long been out of the question. For many years, the so-called "statesmen and effective managers" have ruled, well, according to Putin. The results, in my opinion, are not very impressive.