Wall Street Billionaire Bets on Putin’s Last Gas Pipeline

Julianne Geiger, a seasoned editor, writer, and researcher for Oilprice.com and a member of the Creative Professionals Networking Group, reported on May 9, 2025, at 1:30 PM CDT that Paul Singer’s Elliott Management is exploring the idea of investing in a pipeline that transports Russian natural gas to Europe, a move that would have been unimaginable just a few years ago.

The pipeline under consideration is the Bulgarian extension of TurkStream, which is Russia’s only operational gas route to the continent. With the majority of Russia’s gas networks facing sanctions, sabotage, or political issues, TurkStream is currently the Kremlin’s primary link to European gas demand. Elliott is allegedly showing interest in acquiring assets from Bulgaria’s state-owned gas operator Bulgartransgaz, including data centers and cables, as part of a broader strategy.

This potential investment comes at a peculiar time, as Washington is emphasizing energy independence and containment of Russia. However, Singer, known for challenging norms, is not one to adhere to the conventional playbook. Elliott has a history of pressuring governments and corporations, such as BP and Phillips 66, to make strategic changes. Therefore, the move to enter Europe’s energy market through Bulgaria aligns with Singer’s past tactics.

From a political standpoint, the investment could provide Bulgaria with financial support for its infrastructure and potentially strengthen ties with the Trump administration. There is optimism in Sofia that a stake from an American hedge fund could shield the asset from future sanctions, though this perspective may vary depending on one’s viewpoint.

For Moscow, the involvement of a U.S. fund in reviving Russian gas exports carries significant symbolism. However, it also reflects Singer’s approach of investing in unconventional assets and maximizing their value. This move may raise eyebrows, but it is in line with Singer’s reputation in the investment world.

Julianne Geiger contributed this report for Oilprice.com.