"This deal is a continuation of Gazprom's policy of capturing markets and infrastructure in Europe," he said. "Gazprom is winning this contest, this competition, against western interests." Italy is Gazprom's second-largest customer in Western Europe after Germany. Mr Socor says South Stream, if it goes ahead, will be a "severe setback" for Nabucco, the western-backed alternative that will by-pass Russia and bring Central Asia gas to Western Europe through Turkey. Planned for several years, Nabucco has not yet obtained financing, and last month the project was dealt a significant blow when Kazahkstan and Turkmenistan signed a deal with Russia for a new pipeline to carry Turkmen and Kazahk gas west via Russia. Mr Socor says Gazprom is similarly extending its control over gas exports from Central Asia. "That means that Gazprom will be able to supply this [South Stream] and other pipelines in Europe by delivering Central Asian gas from Turkmenistan and Kazakhstan in the guise of [it being] Russian gas," he said. There are concerns that with a 40% import share, Western Europe is excessively dependent on Russian gas. Despite that, several countries (including Germany, Italy, Greece, Bulgaria, and Hungary) have been eager to expand their links to Gazprom, which is now the world's biggest gas producer. Vitaly Mekushev, director of the Eurasian Political Studies Network in Moscow, says Gazprom does not yet operate in the transparent manner of western corporations. "I agree that Russian companies should be more transparent, especially Gazprom," he said. "It should be improved, I agree." In terms of market capitalization (the aggregate value of its shares) Gazprom is the world's third-biggest company. Gazprom chairman Alexander Medvedev says the company's market capitalization should quadruple to reach one trillion dollars by 2017, making it the world's biggest corporation.