Despite supplying about a third of Europe’s gas demand, Gazprom saw its operating profit drop for the second straight year. The Russian-owned energy conglomerate has been hit hard in recent years by falling oil prices and the Russia-Ukraine conflict, which has prompted Gazprom to expand its underwater gas pipeline to bypass Ukraine. Gazprom said it expects to export a record amount of gas to Europe this year, but American LNG export plants may soon undermine Gazprom’s longtime dominance of the European gas market, along with a stiffer challenge from competitors Rosneft and Novatek.
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