About our Gazprom News
Latest news on Gazprom, Russia's state energy giant and world's largest natural gas company, covering exports, pipelines, international sanctions and corporate developments.
Gazprom, the Russian majority state-owned multinational energy corporation headquartered in Saint Petersburg, stands as one of the world's most influential energy companies. With the Russian government holding a controlling stake of over 50%, Gazprom produces 12% of global gas output and manages the world's largest gas transmission network, spanning over 158,200 kilometres.
Following Russia's invasion of Ukraine in 2022, Gazprom has faced significant challenges, with exports to Europe falling from 185Bcm in 2021 to just 28Bcm in 2023, levels not seen since the 1970s. The company faces multiple arbitration cases from European energy firms, including an €11.6 billion claim from Germany's Uniper, over alleged breach of supply contracts. In response to Western sanctions, Gazprom has increasingly focused on Asian markets, particularly China, through projects like the Power of Siberia pipeline.
The company's influence extends beyond energy markets into Russian society and culture. As a national champion company, Gazprom sells gas to domestic Russian consumers at subsidised rates and supports numerous sporting initiatives. Until 2022, it was a major sponsor of European football, including the UEFA Champions League and Germany's Schalke 04, though these partnerships were terminated following the Ukraine invasion.
Founded in 1989 when the Soviet Ministry of Gas Industry was converted into a corporation, Gazprom has played a central role in Russian economic and foreign policy. The company's history reflects Russia's post-Soviet transformation, from its controversial privatisation in the 1990s to its return to state control under Vladimir Putin's leadership in the early 2000s, where it became a key instrument of Russian energy diplomacy.
Our ÐÇ¿Õ´«Ã½ feed provides comprehensive coverage of Gazprom's activities, from corporate developments and financial performance to geopolitical implications and energy market impacts. Stay informed about one of the world's most significant energy companies as it navigates international sanctions, shifting market dynamics, and the global energy transition.