Paul Singer’s Elliott Management is exploring a deal that would have seemed unimaginable just a few years ago: buying a stake in a pipeline carrying Russian natural gas into Europe.
The pipeline is the Bulgarian extension of TurkStream, Russia’s last active gas route to the continent. With much of Russia’s gas network under sanctions or politically fraught, TurkStream remains Moscow’s final link to European gas demand. According to the Wall Street Journal, Elliott is reportedly interested not only in the pipeline but also in other infrastructure assets owned by Bulgaria’s state gas operator Bulgartransgaz, including data centers and cables.
The talks are still in early stages, arriving at a time when Washington is focused on energy independence and containing Russia. But Singer—a hedge fund billionaire, major Republican donor, and corporate activist—is known for defying convention. Elliott has a history of challenging governments, like in Argentina, and currently urges BP to cut spending and abandon energy transition plans in favor of boosting oil production. The fund is also looking at deals involving Phillips 66 and its rival Citgo.
Singer’s interest in Bulgaria’s energy assets fits his pattern of investing where others hesitate.
For Bulgaria, the investment could bring much-needed cash to update its aging grid and possibly curry favor with U.S. political circles aligned with Trump. Some in Sofia believe that having an American hedge fund involved might shield the pipeline from future sanctions—though that view is optimistic or strategic spin.
For Russia, the idea of a U.S. fund helping sustain its gas exports is loaded with symbolism. Yet this move aligns perfectly with Singer’s style: betting on assets others avoid, then driving value with aggressive tactics and financial muscle.
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