Init centralized gas explorationdevelopment, and distribution within the Ministry of Gas Industry. In the s and s, the Ministry of Gas Industry found large natural gas reserves in Siberiathe Ural region and the Volga region. The Soviet Union became a major gas producer.
Fund managers with billions invested wanted to know how long the bleeding would last. And yet it is worth a fraction of U. Over the past decade, Gazprom, percent controlled by the state, has twice cut its supplies to Ukraine over pricing disputes with Kiev.
That action also cut supplies to the EU, which gets 50 percent of Russian deliveries via Ukraine. Though Gazprom says it defends its economic interest in such disputes, they can cost billions of dollars in value and draw criticism from investors that it is a stick for Moscow to beat its neighbours.
Gazprom is effectively run by a trio - Medvedev and chief executive Alexei Miller, a close ally of Putin from their days working for the mayor of St Petersburg in the s, plus chief financial officer Andrei Kruglov, also from St Petersburg.
The three men have fought many battles since coming to Gazprom in as part of a Putin-orchestrated reshuffle. The dispute was largely seen as a public relations disaster for Gazprom. Gazprom said it cut supplies because Ukraine stole billions of dollars worth of gas, which Kiev denied.
In the next dispute, three years later, Gazprom hired Western PR consultants, took more time to explain its reasons to the EU and achieved what it internally views as a victory.
The EU applied pressure on both Ukraine and Russia, even though the order to cut supplies came from Putin himself. Five years later, the mood at Gazprom is different. Gas supply contracts have been changed in the past few years such that Gazprom no longer sells its gas to Europe on the Russian-Ukrainian border, but on the Ukraine-EU border, which makes Gazprom responsible for getting it all the way there.
The weapon in any case would be blunted by the 40 billion cubic metres of gas the EU has in underground storage, a very comfortable level of around half of capacity. Germany, for example, has enough for about 60 days. Jeffrey Woodruff from Fitch Ratings said he did not, for now, expect gas disruptions, but warned that the situation was more complicated than before.
It devoted large sections to the history of oil crises and sanctions, including the Arab-Israeli War and the OPEC oil embargo. Some doubt it will come to sanctions, conscious, perhaps, that Russia is not without defences. Western energy partners are in no rush to sever ties, either.
Some politicians believe the United States will now speed up gas export projects to help Europe cut reliance on Russia, while Europe, including Ukraine, will expedite shale gas projects.
Gazprom doubts Europe will repeat the U. One of those factors is China. Inside Europe, Gazprom also has a major concern. The company is keen to reach a compromise with the EU on the use of pipelines it has built to bypass Ukraine, such as Nord Stream under the Baltic.
EU competition rules currently limit Gazprom to supply half the capacity fed by these lines, even though there are no competitors to supply the other half. It is expected to decide whether to relax that restriction by March 10, according to Medvedev.
Konstantin Cherepanov, analyst at UBS, says history nevertheless gives reason for optimism.Jan 02, · Gazprom is also in talks with a short list of five major energy companies to develop a huge gas field in the Barents Sea, far above the Arctic Circle off western Russia, hoping to .
other Russian gas producers: The evolution of the Russian gas sector In , the company produced he also heads the influential Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security, and has been an .
Key facts about Gazprom Energy We entered the UK energy retail market in when our parent company acquired Pennine Natural Gas to create their first retail business outside Russia.
In the UK, we supply gas and electricity to industrial and commercial consumers as well as public sector organisations.
We also supply major gas users in. Our history of providing reliable energy solutions for UK businesses began in , when Gazprom Marketing & Trading (GM&T) acquired Pennine Natural Gas, . Gazprom impact on world-wide gas market. Table of contents Terms of reference Procedure Findings Gazprom is a global energy company.
Its major business lines are geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel as well as generation and marketing of heat and electric power.
Gazprom Energy is an award-winning supplier of gas and electricity to businesses across the UK, with a passion for customer service and the backing of one of Views: