Founded in 1989, Gazprom has become largest natural gas company on the globe, holding almost 20 percent of the world’s total natural gas reserves and exporting to over 30 countries, primarily the European Union and eastern Europe.
Gazprom produces around 84% of all Russia’s natural gas, controls almost all gas exports, supplies gas for the generation of close to 50% of the country’s electricity and operates its own natural gas pipeline grid.
After the breakup of the Soviet Union, Gazprom lost a large part of its asset outside of Russia, but when Boris Yeltsin appointed Chernomyrdin as prime minister in December 1992, the influence of Gazprom increased markedly.
Victor Chernomyrdin was one of the proponent of a special gas concern, who had been Minister of the old Gas Ministry.
With the government committed to economic reform Gazprom began to be privatized in November 1992, under the voucher methods of privatization.
Since 2002, Gazprom has managed the transport Central Asia Center gas pipeline in western Uzbekistan that are used to transport natural gas from Turkmenistan to external markets.
Its major shareholder is the Russian government, but since 1996 its share have been traded on the Moscow stock exchange. In December 2005, the limit for private ownership of its capital was increased to just below 50%.
Gazprom gas company
