Possible pipeline renaissance looms for Gazprom
The first joint in the Power of Siberia pipeline was welded in Yakutsk on 1 September. (Gazprom)
Gazprom looks set to gain from sanctions as punitive measures by the United States and other countries hinder Russian LNG projects, leaving the gas giant’s pipelines in a promising position.
LNG was understood to be a strategic priority for the Kremlin, with tax breaks for projects such as Yamal LNG and zero export tax. Gazprom reiterated in March that its Vladivostok LNG (VLNG) and Baltic LNG projects will help raise its share of the global LNG market from 5% to 15%. However, the global situation has since become less favourable.