BBC: Russian gas industry looks east to strengthen position

Just two years ago, Gazprom spent a reported $1bn on its 20th birthday celebrations, with Sting and the Bolshoi ballet entertaining President Putin and company executives in a lavish gala dinner hosted at the Kremlin.

And there was much to celebrate. Russia was the undisputed king of gas - the world's biggest producer with the biggest reserves and the biggest exports.

But the party has since fallen rather flat. Weaker demand in Europe and plunging natural gas prices have hit revenues, while US and EU sanctions over the country's actions in Ukraine are targeting Russia's energy sector.

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