Gazprom

Coordinates: 55°39′31″N 37°33′23″E / 55.65861°N 37.55639°E / 55.65861; 37.55639

Public Joint Stock Company Gazprom (Russian: Публичное Акционерное Общество «Газпром», abbreviated PAO Gazprom, Russian: ОАО «Газпром», IPA: [ɡɐsˈprom]) is a large Russian company founded in 1989 which carries on the business of extraction, production, transport and sale of natural gas. The company name is a contraction of the Russian words Gazovaya Promyshlennost (Russian: газовая промышленность - gas industry). The headquarters of Gazprom are in Moscow.

Background

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; distortions of gas prices, and access to pipelines.Gazprom owns a private army.

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, the company 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.