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Concept
Gazprom
Summary
PJSC Gazprom () is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the largest publicly listed natural gas company in the world and the largest company in Russia by revenue. In the 2020 Forbes Global 2000, Gazprom was ranked as the 32nd largest public company in the world. The Gazprom name is a contraction of the Russian words gazovaya promyshlennost (газовая промышленность, gas industry). In January 2022, Gazprom displaced Sberbank from the first place in the list of the largest companies in Russia by market capitalization. In 2023, the company is delisted from international markets, and continues substantial construction in its operational results (such as production, export).
Gazprom is vertically integrated and is active in every area of the gas industry, including exploration and production, refining, transport, distribution and marketing, and power generation. In 2018, Gazprom produced twelve percent of the global output of natural gas, producing 497.6 billion cubic meters of natural and associated gas and 15.9 million tonnes of gas condensate. Gazprom then exports the gas through pipelines that the company builds and owns across Russia and abroad, such as Nord Stream 1 and TurkStream. In the same year, Gazprom has proven reserves of 35.1 trillion cubic meters of gas and 1.6 billion tons of gas condensate. Gazprom is also a large oil producer through its subsidiary Gazprom Neft, producing about 41 million tons of oil with reserves amounting to 2 billion tons. The company also has subsidiaries in industrial sectors, including finance, media and aviation, and majority stakes in other companies.
Gazprom was created in 1989, when the Soviet Ministry of Gas Industry was converted to a corporation, becoming the first state-run corporate enterprise in the Soviet Union. After the Soviet Union's dissolution, Gazprom was privatized, retaining its Russia-based assets.
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