Gazprom shares fall to 16-year low
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Shares of Russian gas giant Gazprom fell to their lowest level since January 2009, The Moscow Times reported on Dec. 17.
The shares dropped to 106.1 rubles ($1.01) on Tuesday, marking a 2.4% drop from Monday and a 33.5% decline since the start of 2024.
The fall began after the European Commission announced its readiness to halt Russian gas transit without significant price impacts, confirming the availability of alternative supply sources.
Gazprom's profits have suffered due to a steep decline in European exports, which have dropped over 80% compared to 2021.
Additionally, Austrian oil and gas company “OMV” recently ended its long-term gas supply contract with Gazprom.
Moscow has also heavily taxed Gazprom's revenues over the last two years and the company paid $28 billion to the government in 2023, accounting for 9% of the government's revenue last year.
Oleg Abelev, head of the analytical department at Rikom-Trust investment company, predicted that Gazprom's shares will likely hover between 100-115 rubles ($.96-$1.10) per share in the near future.
