Nov 7, 2008

GazPlop: South Stream Now Delayed

In the spring 2008, Gazprom ranked as the world's third highest valued company, at $360 billion in market cap. Fast-forward to November 1, the company's star, and rank, have fallen to 37th place. Gazprom is now valued at $121 billion.

Credit markets have dried up as well, forcing the Russian government to pay the bills for most of its largest comapnies and once high-flying oligarchs. (Don't forget to donate to our Feed Deripaska Fund.)

It should therefore be no surprise that Gazprom has delayed construction of the South Stream gas pipeline from 2013 to 2015. Times are tough -- it seems -- even for energy states.

1 comment:

Jaybird said...

Don't even know *where* to begin on this one...P&D you can buy me a drink, pick my mind on this and write a fabulous article. ;)