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Or how about the Gazprom troubles:

"In the long run, I think the troubles at Gazprom (OGZPY, news, msgs) are much more important. If, as it now appears, the current financial crisis scuppers the Russian company's expansion plans, the world is likely to face severe natural-gas supply shortages once the recession is over. Europe and Asia probably will be hit hardest.

Here's the problem: Gazprom needs about $315 billion to develop the Shtokman and Yamal gas fields, to develop other fields in Siberia and to build pipelines to supply China and South Korea. But the company already has taken on a huge debt load just as falling natural-gas prices have reduced cash flow. Experts say Gazprom will have to raise $20 billion over the next two years to keep its expansion on schedule.

The company also has to roll over $21 billion in short-term debt. Delay carries huge repercussions, because the gas from Shtokman and Yamal is already committed to export customers or is needed for the domestic market to replace falling production from older fields. It's likely that the Russian government will step in to make sure that Gazprom can meet its expansion plans. But with the country's revenue from taxes on oil and gas production falling, the need to fund Gazprom is just one more strain on an already strained national budget.

A big production cut from OPEC member Saudi Arabia would fix a good part of Russia's problem in the short run."
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