Oil and gas monopolies

Letter to the editor in yesterday’s Financial Times from Mr. Mikhail Korchemkin,

Sir, Before cutting off alternative gas supplies of Ukraine, Georgia and other former Soviet states, Gazprom managers studied the tactics of the old John Rockefeller. The latest issue of Gazpron Journal confirms that the Russian gas monopoly considers Standard Oil as a model.

“Success of any energy company directly depends on the size of its business. John Rockefeller has proved it when he created the world’s first vertically integrated corporation,” says the corporate publication.

Standard Oil was broken down by the US Supreme Court about 100 years ago. I wonder if the European Union has a judicial body strong enough to stop the new Standard Gas Company of Europe, being built by Gazprom.

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