January 24 (SeeNews) - Slovenian wholesale natural gas supplier Geoplin recorded a 28 million euro ($30.5 million) loss in 2022 due to the shortage of deliveries by Russia's Gazprom, Geoplin's majority shareholder, energy group Petrol [LJE:PETG], said, citing preliminary figures.
The wholesale natural gas supplier incurred a 140.3 million euro damage from Gazprom's violations of their long-term supply contract, Petrol said in a filing with the Ljubljana Stock Exchange on Monday.
"Geoplin terminated the uncontrollable contract with Gazprom in order to prevent further damage at the end of last year, and reduced the negative impact of the damage by offsetting claims against Gazprom," Petrol said.
The gross loss of Geoplin for 2022 amounted to 118.9 million euro despite a 80% annual rise in sales revenue to 1.4 billion euro, Petrol said, citing preliminary figures.
In 2023, Geoplin is expected to turn to a 14.9 million euro net profit, as sales revenue will total 1.1 billion euro, Petrol noted.
In November, Geoplin said it plans to launch legal actions against Gazprom due to the Russian company's failure to meet its gas delivery obligations, as adverse financial effects from the violations of contractual obligations caused damages to the company.
Geoplin signed earlier in November a deal with Algerian state-owned oil company Sonatrach for deliveries of natural gas from January 1, 2023 until December 31, 2025. According to Slovenian media reports, the contract envisages the purchase of 300 million cubic meters of natural gas per year - enough to cover about a third of Slovenia's needs.
($ = 0.91755 euro)
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