Exclusive outtakes from industry leaders
President Dmitry Medvedev is the former chairman of Russia’s state gas export monopoly Gazprom, and the company is viewed as a powerful instrument of the Kremlin’s foreign and domestic policy, but the company’s deputy chief, executive, Alexander Medvedev, says it is not so.
Even at the height of Russia’s brief war with Georgia over the breakaway territory of Abkhazia, Gazprom was steadily pumping gas to Georgian consumers, Alexander Medvedev said.
A quarter of the gas that heats European homes and powers European industry is piped in thousands of kilometres from the Russian tundra. By 2015, Russia’s share of European gas supplies will rise to at least one third. That powerful lever of influence over Europe’s economy raises the stakes in its confrontation with Russia over its invasion of Georgia.
But Alexander Medvedev, deputy chief executive of Russia’s state gas export monopoly Gazprom, opened the Reuters Russia Investment Summit on Monday with a reminder that even the mighty Gazprom is not invulnerable to Europe and the West, relying as it does on foreign revenue and capital.