This is a short analysis of Russian Gas Company Gazprom, Including Statistics and Examples of the companies' finances and operations, with reference to relevant historic events.
Gazprom is a majority state owned energy corporation based in saint Petersburg, Russia. In 2020
Gazprom was ranked the 32nd largest public company in the world, it also is the company with the
biggest revenue and strongest market capitalisation in Russia. It is the largest publicly listed natural
gas company worldwide. In 2018 Gazprom produced twelve percent of the global output of natural
gas. Gazprom is a relatively new company, it was founded in 1989 when the soviet ministry of gas
was converted into the Gazprom corporation. It became the first state run corporate enterprise in
the soviet union. In 2001 the company brought NTV, Russia’s only state independent television
station, and acquired all shares of the company that were held by media most. In 2014 Gazprom
took a 25% stake in the Australian oil and gas company Österreichische Mineralölverwaltung
Aktiengesellschaft. Gazprom was announced as the company with the second highest carbon dioxide
emissions of 1,135 million tonnes in 2013.
In 1992, Russian president Boris Yeltsin appointed Viktor Chernomyrdin the prime minister of Russia,
leading to the increase of Gazprom’s political power. In 1993 the company became joint stock
owned, semi-privatising the business. This was a successful launch, 1/3 of Gazprom’s shares were
brought by 747,000 members of the public, 15% of shares were saved exclusively for Gazprom
employees. 40% was remained for the state. Gazprom has been governed in an unjust way, the
company barely paid taxes to the Russian government; the company also consistently engaged in
asset striping, in which it consistently undervalued itself. Chernomyrdin also shared company assets
with his relatives. Due to reasons “unrelated to the company”, Chernomyrdin was fired by Yeltsin in
march 1998. However, he retained relations with Gazprom and became chairman of the board of
directors of Gazprom in 1998.
In 2006, the gas export act was passed and signed by Putin. This meant that Gazprom was given the
exclusive right to export gas from Russia. In 2007, Russia signed a memorandum of understanding
with Russia. This enabled a joint project between Gazprom and Eni SpA to build a 900km long
pipeline with the ability to carry 1.05 trillion cubic feet of gas per year from Russia to Europe.
In 2011, Gazprom produced 17% of the world's natural gas resources, and 83% of gas production in
Russia. In 2016, Gazprom produced 420 billion cubic meters of gas, 40 million tonnes of crude oil,
and 16 tonnes of condensate. In 2015, Gazprom held 24 trillion meters squared of natural gas within
its’ reserves.
Rory Viggers
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