What is Gazprom?
Gazprom is a global energy company engaged in the exploration, production, transportation, storage, processing and sale of oil and gas. It’s also involved in the generation and marketing of heat and electric power. Gazprom holds the world’s largest natural gas reserves. The company’s share of global and Russian gas reserves amounts to 17% and 72% respectively.
Gazprom is also one of the top 3 oil refining companies in the world and the 4th in terms of oil production volume. In 2016, the company extracted 826.2 mtoe of hydrocarbons. The subsidiary Gazprom Neft exports oil to 50 countries worldwide and operates 1,850 filling stations.
Just over 50% of Gazprom shares are controlled by the Russian Federation. The company says its strategic goal is to establish itself as a leader among global energy companies by diversifying sales markets, ensuring reliable supplies, improving operating efficiency and fulfilling its scientific and technical potential.
Who are the key people at Gazprom?
Viktor Zubkov has been Chairman of the Board of Directors of Gazprom since 2008. He also serves as Russia’s Special Presidential Representative for Cooperation with the Gas Exporting Countries Forum. Alexey Miller is Deputy Chairman of the Board of Directors and Chairman of the Management Committee – a role he has held since 2001. This effectively makes him CEO. Miller has a close relationship with Russian President Vladimir Putin.
What is the modern history of Gazprom?
Gazprom was established in 1989 when the Soviet Union’s Ministry of Gas Industry was turned into a corporation. It became a joint-stock company in 1993, though initially trading of its shares was strictly regulated to keep foreign investors at bay. Gazprom made a number of notable acquisitions in the first decade of the new millennium, including NTV in 2001, and 72.6% of Sibneft in 2005.
What are the latest developments at Gazprom?
Like many oil and gas companies, Gazprom has been benefiting from higher crude prices. Its subsidiary Gazprom Neft, Russia’s third-largest oil producer, posted a 27% jump in profit in 2017 to its highest ever level, as the rise in crude prices offset slower output growth. Meanwhile, natural gas exports were up by over 6% year-on-year in the first quarter of 2018.
In March 2018 Gazprom made a number of cuts to its energy trading operations in London. The move – which came amid a worsening of relations between Russia and the West – triggered speculation that the company might be planning to retreat from western Europe.Gazprom’s UK trading arm is a big player in Britain’s energy market, supplying enough gas to meet almost 5% of total demand.
The Gazprom share price, which stood at just $3.78 in August 2017, recovered strongly later that year and reached $5.22 in January 2018. It subsequently fell back under the $5 mark. To find out how the shares are doing right now, follow Capital.com. Our OGZD chart puts all the information at your fingertips.
Where does Gazprom operate?
Headquartered in Saint Petersburg,Gazprom operates through a network of 70 production, refining and sales subsidiaries across the Russian Federation, CIS and Europe. Gazprom is engaged in oil and gas exploration and production in numerous countries around the world, from Algeria, Libya and Angola to Bolivia, Venezuela and Vietnam.
Where is Gazprom traded?
The Public Joint Stock Gazprom Neft share price (SIBN) is set and traded on the Moscow (MCX), London (LSE) and Frankfurt (FWB) stock exchanges. Check out Capital.com for the latest OGZD chart. We’ll keep you up to date and in the picture.