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South of Europe:  Battle of Pipes Konstantin Simonov Belgrade 11-11-11
Problems of Diversification ,[object Object],[object Object],[object Object],[object Object]
Resources ,[object Object],[object Object],[object Object]
Investment ,[object Object],[object Object],[object Object]
Political Unstability ,[object Object],[object Object],[object Object],[object Object]
Turkish Factor Source: BP, Botas, Gazprom
Expansion of Azerbaijan ,[object Object],[object Object]
Russian  Benchmark Price   for Azeri Gas  Source:Gazprom, RWE, NESF calculation  Source: RWE
Cheap Gas?
Expansion of Azerbaijan ,[object Object],[object Object]
Expansion of Azerbaijan ,[object Object],[object Object],[object Object]
Turkmenistan ,[object Object],[object Object],[object Object]
Russian Transit Problems  ,[object Object],South Stream AG New Ownership Structure Gazprom;  50% Eni; 20% EdF; 15% Wintershall;  15%
C ase for  Russia  ,[object Object],[object Object],[object Object],[object Object]
C ase against  Russia  ,[object Object],[object Object],[object Object]
Possible Future
[object Object],[object Object]

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