Zapolyarnoye is now connected to the greater Russian natural gas infrastructure, allowing its gas to reach all of Europe -- via the new Yamal-Europe pipeline -- and Turkey, via the soon-to-be-completed Blue Stream pipeline.

The new income will be more than enough to finance even larger projects. At the top of Gazprom's list is the development of the Yamal Peninsula, deep in the Russian Arctic. The Yamal is home to a number of "supergiant" fields holding more than 1 trillion cubic meters each.

It is also the logical gateway

for exploiting the massive fields beneath the Kara Sea. Gazprom envisions a series of six trunk lines stretching from Yamal to Europe. The first is already completed, and Russia is gunning to start heavy work on the second.

The total price tag for Yamal development is well over $50 billion, but its completion will leave Russia rolling in European money.

Cost has always been the sticking point for this project, and while several European firms have shown a willingness to explore partnerships with Gazprom, the sad state of its

finances and infrastructure leaves many hesitant. With Zapolyarnoye gas to reinvigorate the company, however, Gazprom can put up some of the cash itself. That alone should make European firms more willing to strike out into the Russian Arctic.
Dutch Decisions: Preempting the Future.

Although the Russian logic for selling gas to Europe is clear, the Dutch logic for buying it is a bit more convoluted. Due to some North Sea deposits, the Netherlands is the European Union's largest natural gas exporter. At current rates of consumption, the Netherlands' 1.77 trillion cubic meters