WSJ: Novatek: The Challenger Takes on Gazprom

Now, another player is emerging that is loosening the state-run company's dominance as Gazprom struggles in the more-competitive market wrought by shale gas in the U.S.

OAO Novatek has almost doubled production and tripled earnings in the past five years, seizing billions of dollars in contracts with big industrial clients from Gazprom.

Pressed by Gazprom's travails and Novatek's success, the government now is expected to end one of Gazprom's most-cherished privileges: its monopoly on exports.

Russian President Vladimir Putin told officials in February to consider allowing other companies to export liquefied natural gas, saying Gazprom had been slow to expand output. "If we don't have an active policy, then we risk almost completely surrendering this market to our competitors," Mr. Putin said at a meeting of industry heavyweights.  MORE