Russia needs to embrace new technology and move towards a global market for gas (photo: dpa)

Russia’s age of gas may be a little less than ‘golden’

Russia’s huge reserves of natural gas would seem to guarantee its economic future, with world demand for the energy source forecast to grow dramatically. But the country’s policies on production and distribution of both its oil and gas reserves could yet leave it in a far weaker position globally than it need be.

THE FATE of Russia has become intimately linked to its exports of hydrocarbons. Since the resignation of Boris Yeltsin from the presidency at the end of 1999, a veritable bonanza of petrodollar inflow has transformed the country.

Energy exports account for about two-thirds of the country’s current account revenue. Taxes o...

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Professor Stefan Hedlund
The nascent ‘energy superpower’ has developed an obsession with energy security that rests on controlling the flow of energy and on locking in its customers
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