Gazprom is a Russian state-owned natural gas company and was the largest producer of natural gas in the world in 2023. The Saint Petersburg-based business is vertically integrated from exploration and extraction, through to processing, distribution, supply and gas-generated electricity production. Gazprom has substantial oil operations through Gazprom Neft, as well as a portfolio of unrelated subsidiaries including a major Russian bank, a media holding company and an airline. The war in Ukraine has had a substantial impact on Gazprom’s business, as Europe—for decades its largest foreign market—cut Russia’s share of gas imports from over 40% before the war to 8% in 2023. The company has partially compensated by expanding supply to China and other regions of Asia, but is limited by the time and cost involved in building long-distance pipelines.
