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Russia's Pipeline to Oblivion
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Ukraine-Russia War

Russia's Pipeline to Oblivion

How Gazprom’s Collapse Could Reshape Europe’s Energy Future

Shankar Narayan's avatar
Shankar Narayan
Jan 03, 2025
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Gazprom headquarters, Lakhta Center: Vysotnaya street, 1, St Petersburg, Russia

The glitzy headquarters of Gazprom, Russia’s state-owned gas giant, is valued at over a billion dollars. The total cost of the twin Nord Stream pipelines connecting Russia and Germany is worth closer to $20 billion. Russia has no shortage of pipelines linking it to Europe.

Yet Gazprom’s market value currently stands at $28 billion—less than the combined worth of its buildings and pipelines.

Can a shipping company be worth less than the value of its fleet? Well, leave it to Putin for 25 years—he’ll make that happen.

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