Ireland and Gazprom An In Depth Study in Economics and Business Risk and Rewards Introduction Gazprom is one of the largest gas-powered energy companies in Europe. The corporation is based in Moscow, Russia, but has expanded throughout Europe and some parts of Asia…
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The Irish must study their oil company very carefully, and Gazprom must be ready and able to meet the demands of the Irish economy, despite prior issues with supply, demand, and pricing. This paper demonstrates the compromises and practices that both Ireland and Gazprom must deal with in order to have a successful and fruitful business relationship. Country Analysis Ireland is an ideal candidate for Russia-based Gazprom energy. Ireland, which has been politically divided for a number of years due to religious disagreements, is now in the infant stages of unifying. This opens up opportunities for Gazprom in both Northern and Southern Ireland, as it would be a unified energy company that both sides could rely on. Ireland is a community of both farmers and industry. Ultimately, each sector needing energy for their own purposes. Large industry requires a broad spectrum company to provide energy for factories and mills. Farmers need energy to keep their farms going throughout the year. Ireland also uses natural gas in the metallurgy and cement industries, and Gazprom can readily supply the gas to meet those needs. The Irish economy relies as much on mills and factories as it does on its export and tourism industries. To an effect, these industries must coexist together in order for the Irish economy to maintain the strength and finaicial success that it currently enjoys. Ireland is also a country of highlands and lowlands, which has an economy which is also largely based on fishing and shipping, as well as farming. Some of Ireland’s largest exports are wool, fish, potatoes, racing animals (such as horses and dogs), and alcohol. The country also has massive interests in the golf community, attracting more than two hundred and forty thousand golfers and golf fans a year. Another big business in Ireland is tourism. Ireland needs a dependable energy source for all of its hotels, restaurants, and attractions to run efficiently. Gazprom is an ideal company to fit all of these needs. Retail Analysis From a retail standpoint, forty two percent of all inhabitants of Ireland are under the age of twenty four years. Dublin is the main point of trade, as there is nowhere in Ireland that is more than two hundred miles from Dublin at any given point. The present economic climate in Ireland is at a reasonable high, with some of lowest unemployment rates in Europe, and the disposable income per capita being about fourteen thousand US dollars. Many retail stores in Ireland are independently owned, followed closely by chains. While supermarkets are lowest on the breakdown of retail stores, they also do the majority of food sales in Ireland (Hamby, p. 3). Because of its tourism industry, the sales at retail shops are relatively high. People tend to buy clothes, gifts, postcards, and knickknacks that they would not generally buy if they were in their home country. The mentality becomes “I am an out of towner and I should buy something to remember this trip by”. Ultimately, the tourism industry makes the retail industry as profitable as it is. While much Irish marketing is done within the country, it is easy to see why tourism contributes so much to the overall economic success of Ireland (IGD). Ireland has strong financial footholds in the trade industry, making the banking and financial sector very stable. Ireland has not seen a financial crisis in decades, and its tourism, trade, and export industries all add to its continued wealth as a country. This type of economy is ideal for
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