Financial Times: Gazprom faces long pipeline of woes

How the mighty can tumble. Before the global financial crisis, Gazprom was among the world’s top three companies by value, with a market capitalisation that had peaked at $368bn. The natural gas group embodied the swagger of an economically resurgent Russia, and President Vladimir Putin’s vision of the country as an “energy superpower”.

Since then – as Troika Dialog, a Moscow brokerage, has noted – Gazprom has been the worst-performing stock in the global energy sector. Its share price stands at less than a third of its May 2008 level, on a miserable three times forecast 2012 earnings.  MORE