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.
The All-Union Foreign Trade Organisation (V/O) Soyuzgazexport was founded on April 23, 1973.
Under the leadership of Viktor Chernomyrdin, the Ministry of Gas Industry of the Soviet Union was renamed as the State Gas Concern Gazprom, marking the beginning of Gazprom as the Soviet Union's first state-run corporate enterprise.
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.
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.
OOO Gazexport, a limited liability company, was established in accordance with Resolution No.39 of the Russian Joint-Stock Company Gazprom’s Board of Directors on April 9, 1997.
Resolution No. 53 of OAO Gazprom’s Board of Directors was issued on February 12, 1998, related to the establishment of OOO Gazexport.
On 30 June 1998, Chernomyrdin was appointed as the Chairman of the Board of Directors of Gazprom.
The Moscow Registration Chamber registered OOO Gazexport on May 12, 1999, with certificate No. 028081. OAO Gazprom is the company’s founder and 100% owner.
In June 2000, after becoming President of Russia, Putin removed Chernomyrdin from his position as the Chairman of the Gazprom board.
In April 2001, Gazprom purchased NTV, Russia's only nationwide state-independent television station, from Media-Most Holdings.
Kirill Seleznev became a member of Gazprom on September 27, 2002, and currently holds the position of Head of the Department of Marketing and Processing of Gas and Liquid Hydrocarbons. He is also the Director-General of Mezhregiongaz.
Vlada Rusakova joined Gazprom on September 5, 2003, and currently serves as the Head of the Department of Strategic Development.
Olga Pavlova joined Gazprom in 2004 and currently serves as the Head of the Department of Asset Management and Corporate Relations.
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.
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.
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.
On 5 July 2006, the Federal Law, On Gas Export, was passed, granting Gazprom the exclusive right to export natural gas from Russia.
On January 1, 2007, Gazprom started sponsoring the German Bundesliga club FC Schalke 04 with a sponsorship cost of up to €25 million per year. The partnership was later extended for five more years.
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.
On 1 August 2007, Gazprom's Sergey Kuprianov threatened Belarus with gas flow stoppage and a 300% price increase if debts were not paid.
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.
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 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.
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.
In May 2009, Gazoenergeticheskaya Kompaniya LLC was renamed to Gazprom Energoholding LLC to strengthen the brand and consolidate controlling interests of several power generation companies.
On July 9, 2010, Gazprom became a sponsor of the Serbian SuperLiga football club Red Star Belgrade. This sponsorship marked Gazprom's support for the Serbian football team.
On February 4, 2011, a decision was made to merge Gazprom EP International B.V. and Gazprom zarubezhneftegaz, streamlining Gazprom's project activities abroad.
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.
On July 17, 2012, Gazprom became the official Global Energy partner of the UEFA Champions League 2012 winners Chelsea. This partnership continued for three years until 2015.
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.
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.
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 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.
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.
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.
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.
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.
As of August 9, 2015, Gazprom's Board of Directors included prominent figures such as Viktor Zubkov, Alexey Miller, and Alexander Novak.
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.
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.
In June 2019, Gazprom Energoholding finished a significant investment program by putting the second generating unit of Groznenskaya TPP into operation, enhancing the capacity of power supply agreements.
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.
The Nord Stream 2 pipeline was completed in 2020, aiming to transport natural gas from Russia to Germany.
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.
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.
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.
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.
On March 24, 2022, Gazprombank faced sanctions imposed by the UK government.
During the Nord Stream 1 maintenance period on July 18, 2022, Gazprom declared force majeure due to unforeseen circumstances affecting gas supply.
On September 26, 2022, there was a rupture in Gazprom's pipes believed to be caused by sabotage, impacting their operations.
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.
UK sanctioned Gazprom board members on March 1, 2023, as part of the ongoing measures against the company.
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.
Gazprom Export celebrates its 50th anniversary in 2024.
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.