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Gazprom

Russian state-owned energy corporation

Gazprom, a major Russian energy corporation, is involved in all aspects of the gas industry. It was the largest natural gas company globally until 2023, with significant reserves and production. Established in 1989, Gazprom has a complex history of privatization and government control.

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Vladimir Putin Sergei Lavrov Russian Revolution Alexei Navalny Russia-Ukrainian War Mikhail Gorbachev Mikhail Fridman Joseph Stalin Chevron Corporation Boris Yeltsin

Timeline

Incorporation of Soyuzgazexport into Gazprom

In the spring of 1991, the All-Union Foreign Trade Organisation Soyuzgazexport was merged into the State Gas Concern Gazprom as a state-owned foreign trade entity.

Transformation of Gazexport into Gazprom's Foreign Trade Subsidiary

In 1993, the State-Owned Foreign Trade Entity Gazexport was transformed into Russian Joint-Stock Company (RAO) Gazprom’s foreign trade subsidiary, known as the Foreign Trade Enterprise (VEP) Gazexport.

Chernomyrdin Made Chairman of Gazprom Board

On 30 June 1998, Chernomyrdin was appointed as the Chairman of the Board of Directors of Gazprom.

Putin Fires Chernomyrdin from Gazprom Board

In June 2000, after becoming President of Russia, Putin removed Chernomyrdin from his position as the Chairman of the Gazprom board.

Gazprom Acquires NTV

In April 2001, Gazprom purchased NTV, Russia's only nationwide state-independent television station, from Media-Most Holdings.

Sale of Gazprom Stock to Rosneftegaz

In June 2005, subsidiaries of Gazprom sold a 10.7399% share of their stock for $7 billion to Rosneftegaz, a state-owned company. Some analysts criticized the low selling price.

Gazprom's Acquisition of Sibneft

In September 2005, Gazprom purchased 72.633 percent of the oil company Sibneft for $13.01 billion, renaming it Gazprom Neft and becoming Russia's largest company.

Russia-Ukraine gas dispute

On 1 January 2006, Gazprom stopped gas supply to Ukraine due to payment disagreements. A temporary resolution was reached after negotiations between Naftogas of Ukraine and Gazprom.

Passing of Federal Law on Gas Export

On 5 July 2006, the Federal Law, On Gas Export, was passed, granting Gazprom the exclusive right to export natural gas from Russia.

Memorandum of Understanding between Russia, Italy, Gazprom, and Eni SpA

On 23 June 2007, Russia and Italy signed a memorandum for a joint venture between Gazprom and Eni SpA to construct the South Stream gas pipeline.

Gazprom's Ultimatum to Belarus

On 1 August 2007, Gazprom's Sergey Kuprianov threatened Belarus with gas flow stoppage and a 300% price increase if debts were not paid.

Putin announces change in SouthStream project

During a visit to Turkey, Putin announced that the SouthStream project would not proceed and gas would be shipped to Turkey instead of Bulgaria. This decision was made due to Bulgaria being sued by the EU for signing a contract with Russia that did not align with EU regulations.

Agreement signed by Steinmeier and Medvedev

Frank-Walter Steinmeier and Dmitry Medvedev signed an agreement on behalf of BASF to exploit another gas field, increasing German dependency on Russian gas supply. Despite concerns raised by German academics, Steinmeier proceeded with the agreement citing the new Östpolitik.

Kuprianov threatens Ukraine leading to gas dispute

Kuprianov threatened Ukraine with a stoppage of gas flow, which was executed in January 2009 leading to the 2009 Russia-Ukraine gas dispute. BASF's Jürgen Hambrecht expressed concerns about supply reliability, but Miller assured him in a phone call.

Gazprom gas supply agreement with Ukraine

On 13 March 2008, Gazprom agreed to supply Ukraine with gas for the rest of the year after a period of halved gas supplies. The contract eliminated intermediary companies.

Gazprom sponsors UEFA Champions League and UEFA Super Cup

On 9 July 2012, Gazprom became a sponsor of the UEFA Champions League and UEFA Super Cup. The sponsorship continued for three seasons until 2015, and was extended until 2024 in 2021.

European Commission launches anti-trust investigation on Gazprom

The European Commission initiated an anti-trust investigation into Gazprom's activities over concerns of abusing its dominant market position in upstream gas supply markets.

Memorandum signed for cooperation in Arctic shelf exploration

On April 8, 2013, in Amsterdam, Alexey Miller and Jorma Ollila signed a memorandum in the presence of Putin and Mark Rutte, outlining cooperation within hydrocarbons exploration and development in the Arctic shelf and a section of the deep-water shelf.

Gazprom increases gas price for Ukraine

On April 1, 2014, Gazprom raised the gas price charged to Ukraine from $268.50 to $385.50 per 1,000 cubic metres. This decision came amidst Ukraine's unpaid gas bills to Russia amounting to $1.7bn.

Gazprom signs gas contract with China National Petroleum Corporation

Gazprom and China National Petroleum Corporation signed a $400 billion contract for Gazprom to deliver natural gas to China over thirty years, starting in 2018. Construction of the Power of Siberia pipeline began in August 2014.

US Tightens Debt Financing Restrictions on Gazprombank

In response to Russia's aggression towards Ukraine, the US tightened its debt financing restrictions on Gazprombank on 17 July 2014. This move was part of the sanctions imposed on Russian entities due to geopolitical tensions.

US Bars Selling Goods and Services to Gazprom and Gazprom Neft

On 12 September 2014, the United States barred U.S. persons from selling goods and services to Gazprom and Gazprom Neft in connection with certain deepwater, Arctic offshore, and shale projects. This was a significant escalation in sanctions against Russian energy companies.

Russia resumes gas supplies to Ukraine

On October 30, 2014, Russia agreed to resume gas supplies to Ukraine over the winter in a deal facilitated by the European Union. This agreement marked a significant development in the energy relations between the two countries.

Gazprom Antitrust Charges by European Commission

On April 22, 2015, Gazprom was charged by the European Commission for engaging in anticompetitive behavior by using territorial restrictions and imposing unfair prices in several Eastern European countries. The company was accused of hindering competition and manipulating gas prices.

Gazprom's Board of Directors

As of August 9, 2015, Gazprom's Board of Directors included prominent figures such as Viktor Zubkov, Alexey Miller, and Alexander Novak.

Gazprom's main shareholders

As of 2017, Gazprom's main shareholders included the Federal Agency for State Property Management and Rosneftegaz, ensuring majority control by the Russian government. This shareholder structure reflects the government's significant influence over the company.

Adoption of PJSC Gazprom Strategy in Electric Power Industry (2018-2027)

On June 19, 2018, the Board of Directors of PJSC Gazprom adopted a new strategy focusing on maintaining profit growth, reliability of energy supply, and diversification of electric power business.

Gazprom pays damages to Naftogaz

In December 2019, Gazprom paid $2.9 billion to Ukrainian counterpart Naftogaz as ordered by a Stockholm court ruling’s award on damage claims stemming from alleged economical harassment.

Nord Stream 2 Pipeline Completion

The Nord Stream 2 pipeline was completed in 2020, aiming to transport natural gas from Russia to Germany.

Massive Methane Plume Over Russia from Gazprom Pipeline Shutdown

In June 2021, a significant methane plume over Russia resulted from the partial shutdown of a Gazprom pipeline for emergency repair. The released methane had a substantial short-term climate impact, highlighting the environmental consequences of gas infrastructure issues.

Completion of Russia's First LNG Bunkering Vessel

In August 2021, Russia completed its first LNG bunkering vessel, Dmitry Mendeleev, which was built for Gazprom to support the transportation and distribution of liquefied natural gas.

Announcement of Baltic LNG Plant

In October 2021, Gazprom and RusGazDobycha revealed plans to construct a new LNG plant, Baltic LNG, at Ust-Luga with a capacity of 13 million tons per year, focusing on processing ethane-containing natural gas for export via the Baltic Sea.

UK Bans Gazprom from Debt and Equity Markets

The UK imposed a ban on Gazprom from participating in its debt and equity markets on March 2, 2022, as part of sanctions against the company.

Sanction on Gazprombank by UK

On March 24, 2022, Gazprombank faced sanctions imposed by the UK government.

Gazprom Declares Force Majeure Amid Nord Stream 1 Maintenance

During the Nord Stream 1 maintenance period on July 18, 2022, Gazprom declared force majeure due to unforeseen circumstances affecting gas supply.

Rupture in Gazprom Pipes Due to Sabotage

On September 26, 2022, there was a rupture in Gazprom's pipes believed to be caused by sabotage, impacting their operations.

European Energy Ministers Agree on Gas Price Cap

European Energy ministers reached an agreement on December 19, 2022, to set a price cap for natural gas in an effort to stabilize gas prices in Europe.

Sanction on Gazprom Board Members by UK

UK sanctioned Gazprom board members on March 1, 2023, as part of the ongoing measures against the company.

50th Anniversary of Gazprom Export

April 23, 2023 marks the 50th anniversary of the establishment of Gazprom Export. The company has played a significant role in the energy security of Europe and the transformation of Russia into a major natural gas supplier.

50th Anniversary of Gazprom Export

Gazprom Export celebrates its 50th anniversary in 2024.

Projected Price Rises in Domestic Market

Due to falling export revenue following the Russian invasion of Ukraine in February 2022, the domestic market is expected to witness a 34% price increase by July 2025.

End of the Timeline
Gazprom

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