Gazprom is an important player in the European gas market for two reasons. Its monopoly status in Russia when it comes to exporting natural gas through pipelines and limited transportation options as a consequence of its gaseous state until -162° Celsius or -260° Fahrenheit. The rise of LNG has affected Gazprom’s business in the sense that its strategy has been adjusted. Instead of resisting, the Russian giant has decided to embrace new developments. Several LNG projects have been proposed over the years but not many have made it past the drawing board. The most recent announcement concerning Baltic LNG, however, has special significance due to its strategic implications for the European market. After the break-up of the Soviet Union, a considerable power vacuum was created, which President Putin called the “ greatest geopolitical catastrophe of the 20th century ”. Russia, within this context, was weakened and relied on the […]