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Page added on February 28, 2008

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Russian giant looms over Europe

…Rarely can the fortunes of one company and an entire state have been so intertwined as with Gazprom and Russia.

At a local level Gazprom pours millions of euro into facilities, infrastructure and the salaries of people like Alexander, who’s braving sub-zero temperatures in places like Yugorsk.

At a global level, thanks to high oil and gas prices the Russian Federation has been enriched immeasurably.

Gazprom’s earnings have wiped out Russia’s debt, and accounts for 25% of its foreign earnings.

But since the state is a major shareholder in Gazprom, Russia has also gained prestige and power. ‘Gazprom is keen to have as much influence in the world as possible: it has become an instrument of Russian state policy,’ says one Western diplomat.

RTE News

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