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Gazprom: Russian Energy Powerhouse

September 28, 2015

Gazprom is a contraction of the Russian words Gazovaya Promyshlennost (gas industry). The company is headquartered in Moscow, Russia. In 1989, Gazprom was established when the Soviet Ministry of Gas Industry converted to a corporation and retaining all its assets. Later the company was privatized with the Russian government currently holding a majority stake. The Russian government holds approximately 50.23 percent of shares.

Public Joint Stock Company Gazprom is a global energy company. Its major business lines are geological exploration, production, transportation, storage, processing, and sales of gas, gas condensate and oils, sales of gas as vehicle fuel as well as generation and marketing of heat and electric power.

The firm views its mission in reliable, efficient and balanced supply of natural gas, other energy resources and their derivatives to consumers.

The world’s largest natural gas reserves are held by Gazprom. Its share in the global and Russian gas reserves are 17 and 72 percent respectively. Likewise the firm accounts for 12 and 72 percent of the global and Russian gas output. Currently, Gazprom actively implements large-scale projects aimed at exploiting gas resources of the Yamal Peninsula, Arctic Shelf, Eastern Siberia and the Far East, as well as hydrocarbons exploration and production projects abroad.

As stated by the company it is a reliable supplier of gas to Russian and foreign consumers. Gazprom owns the largest gas transmission network in the world — the United Gas Supply System of Russia with a total length of more than 168,000 kilometers. It sells more than half of its overall produced gas to Russian consumers and exports gas to over 30 countries within and beyond the former Soviet Union.

The firm is the only producer and exporter of liquified natural gas in Russia.

Gazprom is among the five largest oil producers in Russia and is the largest owner of power generation assets in the country. These assets account for 15 per cent of the total installed capacity of the national energy system.

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