Gazprom last week met consensus forecasts when it reported a near 3% rise in 2009 net profit despite lower sales volumes.A subsequent proposal from Russian Prime Minister Vladimir Putin that the state gas giant merge with its Ukrainian counterpart Naftogaz, in contrast, took many by surprise, but may well signal a pending breakthrough of some sort on management and perhaps upgrading of Ukraine's transit system for Russian gas. Where this would leave the South Stream proposal remains to be seen.
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