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Russia: Gazprom, a Behemoth No More

Gazprom Chairman Alexey Miller addresses investors during the company’s shareholder meeting in late June, presenting the company’s annual report and discussing the energy giant’s future. Once the world’s third-largest public corporation in 2008 with a market value of $367 billion, Gazprom has since slid to a value of $53 billion and to 170th place globally. (Photo: Gazprom)

It was not too long ago that Gazprom, the state-controlled energy conglomerate, was one of the Kremlin’s most potent geopolitical weapons. But those days now seem like a distant memory: Gazprom is a financial shadow of its former self.  
 
The speed of Gazprom’s decline is breathtaking. At its peak in May 2008, the company’s market capitalization reached $367.27 billion, making it one of world’s most valuable companies, according to a survey compiled by the Financial Times. Gazprom’s deputy chair, Alexander Medvedev, repeatedly predicted at the time that within a decade the Russian energy giant could be worth $1 trillion.
 

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Russia: Gazprom, a Behemoth No More

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