Газпром і газовий ринок
Gazprom itself invested heavily in its export pipelines, building the controversial Northstream link to Germany and advancing plans for Southstream in south east Europe. Both pipelines are designed to circumvent Ukraine and reduce Russia’s dependence on export routes running through its troublesome neighbour.While the political logic seems clear, the capital costs have to be sunk in advance and the possible financial gains lie in the future.
Meanwhile, Gazprom’s own market position is under pressure. At home, it faces challenges from fast-growing gas independents, notably Novatek, the independent gas producer co-owned by Gennady Timchenko, an ally of Vladimir Putin. As Belton wrote, “Novatek won the government’s blessing for its own Yamal LNG project to develop liquefied natural gas in the Arctic – apparently taking priority over Gazprom’s efforts to develop Shtokman.”
http://blogs.ft.com/beyond-brics/2012/08/29/gazprom-what-next-after-shtokman/