Gazprom plans to increase the capacity of the Northern Lights pipeline by 110 bcm/year creating a capacity bubble 350 km east of the Russian border.

The UN Convention of the Law of the Sea gives Ukraine a chance to slow down the South Stream project.

Letter to the Financial Times.

Gazprom inaugurates the least important pipeline project.

Estonia and Finland are likely to eliminate the international waters in the Gulf of Finland.

Alarming reduction of investment into gas production, transmission and storage.

Cost of the Nord Stream pipeline is surprisingly high.

Profitability of domestic gas sales depends on the accounting method.

Letter to the Financial Times.

Brief comparison of Caspian Gas Pipeline and Nabucco project.

Comments to the financial results of Gazprom: revenues, expenses by segment, RosUkrEnergo.

List of problems complicating the new PR campaign of Gazprom.

Belarus may take control over the Yamal-Europe pipeline.

Letter to the Financial Times.

Letter to the Financial Times.

Profit or loss of Gazprom depends on the calculation method.

RosUkrEnergo is the only winner, though it is unlikely to stay in business.

Due to severe cold in European Russia and miscommunication with NAK Naftogaz of Ukraine, Gazprom exports are likely to drop 15% from contracted levels (file in PDF format).

RosUkrEnergo may be the real winner. Free market in Russia is the loser.

Giant leap to centralized economy and a blow to the reputation of Gazprom.

Questionable benefits of Gazprom. Deal with Turkmenistan looks like a bluff.

The state gains as tax collector, but loses more as shareholder of Gazprom.

Gazprom agrees to accept financial loss.

Democratic Russia brings the Cold War fears of Europe into reality.

Lack of numerical arguments in the gas transit conflict between Russia and Ukraine indicates that it is more a political than economic issue. An increase of price for Ukraine would cause a loss for Gazprom. The Russian state is the only winner.

Gazprom saves over $1 billion a year on one side and loses $1 billion on another. More details on the management's inaction to the taxation change of January 2004.

Consolidated financial report of Gazprom for 2004 shows declining production expense and marginally increased transmission expense under growing volumes of gas production and sales.

Gazprom saves over $1 billion a year on one side and loses $1 billion on another. More details on the management's inaction to the taxation change of January 2004.

Comments in Russian

Consolidated financial report of Gazprom for 2004 shows declining production and transmission expense under growing volumes of gas production and sales.

Report comments in Russian

June 18, 2005 - Gazprom Tax Overpayment of $1.3 Billion

For the period from January 2004 through May 2005, Gazprom has overpaid $1.3 billion of customs duties. The overpayment is caused by management's inaction on the change of Tax Code. Gazprom continues to lose about $3 million a day of tax overpayment.

Tax overpayment comments in Russian

May 6, 2005 - Gas Price in Russia

Charts of gas price through April 2005.

March 2, 2005 - Cost of Labor and Materials

Brief review of wage and industrial price indices through February 2005.

February 25, 2005 - Taxes in the Russian Gas Sector

Summary of changes in taxation of gas business.

February 22, 2005 - Operating Costs of Gazprom

Review of gas production cost in 2003-2005. Analysis of the cost of fuel gas (gas burned at compressor stations) as an indicator of the overall cost performance of Gazprom

December 22, 2004 - Price of Central Asian Gas

Effects of gas price increase by Turkmenistan.