Gazprom, Russia’s gas export monopoly, expects both of its controversial new pipelines, Nord Stream and South Stream, to start construction this year.

After all Gazprom’s troubles during the downturn, and delays to high-profile gas production projects, to be pushing ahead with these plans might seem an expensive waste of time.

Weak European demand and rising production of US shale gas and middle eastern LNG, creating a global “gas glut”, have driven down prices and raised questions about whether either pipeline is really needed.

Those questions are, however, based on a false premise.