Not that long ago, Gazprom was feared as an unstoppable titan of the energy industry, with expansion plans to nearly all continents.  But lately, performance has not kept pace with expectations.  It’s interesting to see the Financial Times indirectly point to the high prices the company pays to build pipelines – usually through companies owned by businessman Arkady Rotenberg:

But Mr Rotenberg’s business in building pipelines and supplying pipes for Gazprom is coming under increasing scrutiny, especially now that the state gas group is under pressure amid sinking demand at home and abroad.

Investors point to Gazprom’s ever increasing spending on pipes and pipelines as a key source of concern, while the gas giant’s rapidly inflating costs are a big reason why it demands increases in domestic gas tariffs.