Gazprom shares hit record low on Moscow Exchange amid stalled pipeline talks with China
Shares of Russia's state-controlled gas giant Gazprom fell to an all-time low of 83.98 rubles on July 16, down 5% from the previous close. The previous record low of 84 rubles was set on October 24, 2008.
Gazprom shares dropped to 83.98 rubles on the Moscow Exchange on July 16, marking an all-time low. The stock declined 5% from the previous session's closing price.
The previous record low was recorded on October 24, 2008, when shares traded at 84 rubles, according to Russian state news agency TASS. During the trading session, the stock partially recovered but was still trading near its intraday lows as of 1:00 p.m. Moscow time.
Two days earlier, The Wall Street Journal reported, citing sources, that Russia–China negotiations over the construction of the Power of Siberia 2 gas pipeline had stalled. China reportedly stated it would only participate in the project if Russia supplied gas at domestic market prices, effectively asking Russia to subsidize the pipeline.
