Russia's Pipeline to Oblivion
How Gazprom’s Collapse Could Reshape Europe’s Energy Future
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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