Russia’s secret weapon

The Gazprom behemoth dominates Europe and is already the largest-producing energy company in the world. Now, with the recently announced plans to buy Russian-based Sibneft for $13.1 billion, open up half its stock to foreign investors and expand into energy projects across the globe, Gazprom says it could out-earn even international giants such as ExxonMobil Corp within the next five years.

..Slowly but surely, Putin is building a state-controlled, internationally powerful energy giant. In less than two years, the Russian president has effectively renationalised much of an oil and gas sector that had been dominated by private oligarchs, even as he has opened unprecedented opportunities for private foreign investment.

Gulf News