PJSC Gazprom is a multinational energy corporation that is majority owned by the Russian government. With sales of over £120 billion, it is the largest natural gas company in the world and the largest company in Russia. Forbes rank it the 32nd largest public company in the world.
Gazprom is active in every area of the gas industry, including production, refining and distribution. It produces 500 billion cubic metres of natural gas annually, around 12% of the total global supply. It is also a major oil producer.
Gazprom is responsible for the delivery of around 230 million cubic metres of gas to European markets every day, making up around 35% of the total gas supply for Western Europe. Political positioning over the controversial Nord Stream 2 pipeline project and Russia’s posturing on the Ukrainian border has seen them leverage this dependency by trimming supply, significantly impacting on prices for European markets. This is particularly profound in the UK, which finds itself at the end of a supply chain that begins in Eastern Europe.