PJSC Gazprom is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg.
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PJSC Gazprom is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg.
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The Gazprom name is a contraction of the Russian words gazovaya promyshlennost .
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Gazprom is vertically integrated and is active in every area of the gas industry, including exploration and production, refining, transport, distribution and marketing, and power generation.
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In 2018, Gazprom produced twelve percent of the global output of natural gas, producing 497.
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Gazprom is a large oil producer through its subsidiary Gazprom Neft, producing about 41 million tons of oil with reserves amounting to 2 billion tons.
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Gazprom has subsidiaries in industrial sectors including finance, media and aviation, and majority stakes in other companies.
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Gazprom was created in 1989, when the Soviet Ministry of Gas Industry was converted to a corporation, becoming the first state-run corporate enterprise in the Soviet Union.
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At that time, Gazprom evaded taxes and state regulation and engaged in asset stripping.
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Gazprom later returned to government control in the early 2000s, and since then, the company is involved in the Russian government's diplomatic efforts, setting of gas prices, and access to pipelines.
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Gazprom has a listing in the Moscow Exchange and had a market capitalization of US$80.
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Gazprom kept assets located in Russia and secured a monopoly in the gas sector.
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Gazprom evaded taxes, and the Government of Russia received little in dividends.
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In December 2006, Gazprom signed an agreement with Royal Dutch Shell, Mitsui and Mitsubishi, to take over fifty percent plus one share of Sakhalin Energy.
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The contract was for Gazprom to deliver 38 billion cubic meters of natural gas per year to China beginning in 2018.
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In June 2014, Gazprom negotiated with the International Petroleum Investment Company over a 24.
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In July 2014, Gazprom acquired Central Partnership, one of the largest film distributors in Russia.
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The majority of Gazprom's fields are located in the Nadym-Pur-Taz region in Yamalo-Nenets Autonomous Okrug in Western Siberia.
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Since 2004, Gazprom has maintained production by activating new smaller fields and by purchasing production assets from other companies.
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In particular, Gazprom purchased seventy-five percent of Turkmenistan gas exports in order to supply gas to Ukraine.
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In 2015, Gazprom's proved and probable reserves of natural gas were 23.
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Gazprom carries out prospecting and exploration in foreign countries such as India, Pakistan, Algeria, Venezuela, Vietnam, Libya, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.
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Gazprom receives about 60 percent of its revenue from its sales to European customers.
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In 2006, Gazprom entered several long term gas contracts with European companies.
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In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades.
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Gazprom called on the government of Ukraine to increase its payment for natural gas in line with increases in global fuel prices.
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On 3 April 2006, Gazprom announced it would triple the price of natural gas to Belarus after 31 December 2006.
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Gazprom later requested a price of $105, yet Belarus still refused the agreement.
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On 1 April 2014, Gazprom increased the gas price charged to Ukraine from $268.
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Gazprom is a vertically integrated company, one which owns its supply and distribution activities.
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Gazprom's headquarters were in the Cheryomushki District, South-Western Administrative Okrug, Moscow until 2021, when they moved to the Lakhta Centre in Saint Petersburg.
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Gazprom is a national champion, a concept advocated by Putin, in which large companies in strategic sectors are expected not only to seek profit, but to advance Russia's national interests.
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For example, Gazprom sells gas to its domestic market at a price less than that of the global market.
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In 2008, Gazprom's activities made up 10 percent of the Russian gross domestic product.
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Gazprom has several hundred subsidiaries in Russia and abroad which are owned and controlled directly or indirectly by the company.
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Gazprom is the owner and sponsor of the Russian Premier League football club FC Zenit Saint Petersburg and its other sporting departments, as well as volleyball club VC Zenit-Kazan and Gazprom-Ugra Surgut at Russian Volleyball Super League.
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In 2010, Gazprom was a Gold Partner of the Russian professional cycling team, Team Katusha, together with Itera, and Russian Technologies .
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On 17 July 2012, Gazprom became the official Global Energy partner of the UEFA Champions League 2012 winners Chelsea.
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In September 2013, Gazprom became an official partner of FIFA tournaments from 2015 to 2018.
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On 22 April 2015, Gazprom was charged by the European Commission with using territorial restrictions to engage in anticompetitive behavior and using its dominant position to impose unfair prices.
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Gazprom was accused of compelling entities to consent to the now defunct South Stream pipeline by necessitating a consent clause in long term contracts.
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In 2018, Gazprom agreed to a settlement which involved dropping all contractual barriers to the free flow of gas in Central and Eastern European gas markets and to take various steps to improve economic cooperation.
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Gazprom agreed to not seek any damages from its Bulgarian partners following the termination of the South Stream project.
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On 2 March 2022, it was reported that Nord Stream 2 AG, a Gazprom subsidiary, had ended business operations and laid off all 106 members of its staff as a result of International sanctions, though earlier reports that it had filed for bankruptcy were denied.
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On 18 July 2022, amid the Nord Stream 1 maintenance period, Gazprom sent a letter declaring force majeure, declaring that due to extraordinary circumstances it could not guarantee a gas supply.
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