Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and one of the world’s largest companies. Its name is a contraction of the Russian words Gazovaya Promyshlennost (Russian: газовая промышленность – gas industry). Its headquarters are in Moscow.
Gazprom was created in 1989 when the Soviet Ministry of Gas Industry converted to a corporation, retaining all its assets. The company was later partly privatised, although the Russian government currently holds a majority stake. In 2011, the company produced about 513.2 billion cubic metres (18.12 trillion cubic feet) of natural gas, amounting to more than 17% of worldwide gas production. In addition, Gazprom produced about 32.3 million tons of crude oil and nearly 12.1 million tons of gas condensate. Gazprom’s activities accounted for 8% of Russia’s gross domestic product in 2011.
Gazprom’s major production fields are located around the Gulf of Ob in Western Siberia, and the Yamal Peninsula is expected to become the company’s main gas producing region in the future. Gazprom possesses the largest gas transport system in the world, with approximately 158,200 kilometres of gas trunk lines. Major new pipeline projects include Nord Stream and South Stream. The company has a number of subsidiaries in various industrial sectors, including finance, media and aviation, as well as majority stakes in various companies.