Gazprom

PJSC Gazprom (Russian: ПАО «Газпром», IPA: [ɡɐsˈprom]) is a Russian state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. The Gazprom name is a contraction of the Russian words gazovaya promyshlennost (газовая промышленность, gas industry). In December 2024, Gazprom ranked fifth in the list of the largest companies in Russia by market capitalization. In 2023, the company's revenue amounted to 8.5 trillion rubles, a significant decline from the 11.7 trillion rubles it reported in 2022. Vertically integrated, Gazprom is active in the hydrocarbons sector, with activities 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: 497.6 billion cubic meters of natural and associated gas and 15.9 million tonnes of gas condensate. Gazprom distributes gas through pipelines that the company builds and owns across Russia and abroad, such as Power of Siberia and TurkStream. In 2023 it produced 359 billion cubic meters of natural and associated gas, a decline of approximately 13 percent from the previous year.In the same year, Gazprom had 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 (730 million barrels) of oil with reserves amounting to 2 billion tons (35 billion barrels). The company also has subsidiaries in other industrial sectors, including finance, media and aviation; and majority stakes in other companies. Gazprom formed in 1989, when the government converted the Soviet Ministry of Gas Industry into a corporation to become the first state-run corporate enterprise in the Soviet Union. After the Soviet Union's dissolution in 1991, Gazprom was privatized, retaining its Russia-based assets. At that time, Gazprom evaded taxes and state regulations and engaged...