Short shrift for Gazprom’s portfolio investors
The world’s largest gas producer is once more likely to ignore calls to increase dividends
Investors hoping for a dividend windfall from Gazprom are likely to be shortchanged again, as Russia's gas export monopoly prepares for a spending splurge to fund new pipelines to China, Turkey and Germany. Analysts say Gazprom is hell-bent on spending money on "value-destructive" investment projects rather than complying with a Kremlin decree to raise dividends to 50% of earnings, as defined under International Financial Reporting Standards (IFRS). In the past two years, Gazprom has managed to wiggle out of its obligations by securing a controversial waiver. At this stage in the financial year, it's looking as if negative free cash flow leaves limited room for dividend upside and investors
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
