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Plug pulled on Russia's flagship Shtokman energy project
http://www.guardian.co.uk/world/2012/aug/29/shtokman-russia-arctic-gas-shale
The Vladimir Putin-backed Shtokman energy scheme has been has been called off. Photograph: Yana Lapikova/AP
A $15bn (£9.4bn) flagship energy project in the Russian Arctic promoted by Vladimir Putin and state-owned Gazprom has been sunk by soaring costs, falling European demand and cheap shale gas in America.
The ambitious Shtokman gas production scheme in the Barent Sea, described by the Russian president as recently as May as having "global significance", was officially killed off on Wednesday.
Greenpeace celebrated the end of the controversial scheme in pristine waters, but a top British energy commentator warned last night that it could lead to higher prices for British consumers.