Gazprom relegated

Champions League sponsor relegated to “gathering crumbs”. Gazprom has fallen from fortune.

“Putin’s trump card when he launched his full-scale invasion of Ukraine — has become one of the war’s biggest corporate casualties.” “Gazprom will never again be the huge cash cow for those in power.”

We all know that our money goes to some dodgy regimes. We don’t like it, but it's realpolitik. We know the deal.

Anastasia Stognei's article in the FT gives us a peek into the mechanics of a petrostate.

“Gazprom deliberately opted for unprofitable projects to secure lucrative contracts for companies owned by the president’s close friends”.

It's a good news story. Sort of.

Gazprom is out of luck because it delivers gas by pipeline. It's Novatek who has LNG liquefaction facilities. Novatek is exporting most of Russia's LNG. Sales are rising.

As long as we are burning fossils, we need to get it from somewhere.

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