четвъртък, 25 февруари 2016 г.

The new Poseidon gas pipeline project - yet another memorandum that Miller signs

The news of yet another memorandum for a the Poseidon gas pipeline redivivus is nothing but a PR stunt with a foreign policy connotations. The number of Memoranda signed by Gazprom breaks all world records yet the number of project completed thereafter is negligible.
Seems Miller's stratospheric salary relates to the number of Memoranda rather than revenues from gas sales.
The news from Rome should not be treated as anything more than a clumsy attempt by the Kremlin to sow distrust amongt EU countries and put Bulgaria and Turkey under strain.
Whatever has been agreed in Rome it has a zero net present value without a corresponding agreeement for a gas pipeline entering either or both Turkish or Bulgarian shores. And both routes are distantly hypothetical and beyond the reach of either governments as the ball is totally in the EC's court.
Why is Gazprom running the show yet again? The short answer is - running out of time to secure the Nord Stream and for lack of options.
Apart from putting pressure on the Turkish and Bulgarian governments to cohere with Gazprom's energy plans for Europe, the base line reads - secure Italy and Greece's government support. Italy's PM Renzi was one of the most vocal voices against the Nord Stream - now Rome has its own toy to play with. How credible is Russia's move really is another matter but Miller does not care.
He seems to be interested in the old adage of going around Europe and promissing cornucopia to everyone he meets. That makes headlines and that is all what his boss needs.
Yet it is 2016 - Gazprom is in shambles - less sales, less revenues and less cash for extravagant projects.
There is one clear benefit for the Kremlin - Russia managed to generate new waves of egocentrism in the region and to gain momentum in thwarting advances from US shale gas to the EU market from the South of Europe.
It seems all too obvious that both Turkey and Bulgaria have been taken by surprise as "third countries"at the news from Rome.
Not much harm as they hold the key to what has been signed in Rome.

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