Article Excerpt
BY JAMES MARSON AND JOE PARKINSON
MOSCOW—When Bulgaria pressed Russia’s OAO Gazprom for a discount on critical natural-gas supplies in 2009, the world’s largest gas producer refused to budge.
Last fall, it was Gazprom’s turn to be pushed around. Bulgaria squeezed a 20% price cut out of the gas giant.
“They can’t bully us in the way they could before, and their weakness in the negotiations showed that,” says Bulgaria’s former finance minister, Simeon Djankov, who helped negotiate the deal. “We got the sense they need us more than we need them, and we capitalized on that.”
In Europe, where Gazprom once had a reputation for …
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