Shale gas revolution increases pressure on out-of-favour Gazprom

Gazprom chairman Alexei Miller at the company's annual meeting in Moscow (photo: dpa)
Gazprom chairman Alexei Miller at the company's annual meeting in Moscow (photo: dpa)

Russian gas giant Gazprom’s glory days are over. It faces challenges from the European Union’s competition regulators, from major shale gas discoveries and from within – its relations with the Kremlin are no longer convivial. It is under pressure to ’unbundle’ its pipelines and give up its monopoly on gas exports. The company is at a crossroads – and all the roads ahead are fraught with problems.

RUSSIAN gas giant Gazprom was the third most valuable company in the world. It was worth an estimated US$350 billion and was in hot pursuit of General Electric for the top slot. That was in the summer of 2008, just before the global financial crisis erupted.

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