Public Joint Stock Company Gazprom is a large Russian company founded in 1989, which carries on the business of extraction, production, transport, and sale of natural gas. The headquarters of Gazprom are in Moscow.
Gazprom was created in 1989 when the Soviet Ministry of Gas Industry was converted to a corporation, retaining all of its assets. Although it is a private company, the Russian Government holds a majority stake in the company. Gazprom is involved in the Russian Government’s diplomatic efforts; setting of gas prices, and access to pipelines
Gazprom’s production fields are located around the Gulf of Ob in Western Siberia. Plans have also been made to mine the Yamal Peninsula. Gazprom’s gas transport system includes 158,200 kilometres of gas trunk lines. Projects include Nord Stream and South Stream. In 2011, Gazprom produced about 513.2 billion cubic metres (18.12 trillion cubic feet) of natural gas, more than seventeen percent of global gas production. Gazprom also produced about 32.3 million tons of crude oil and nearly 12.1 million tons of gas condensate.