Alexei Miller

Gazprom is the world's largest natural gas company by reserves and production, controlling approximately 12% of global gas reserves and maintaining a legal monopoly on Russian pipeline gas exports. Gazprom Neft, the group's oil subsidiary, is Russia's third-largest oil producer. Pipeline exports to Europe collapsed from over 150 bcm annually to under 30 bcm. The Nord Stream pipelines were destroyed. This represents the largest market loss in energy industry history. Gazprom is now pivoting toward China through the Power of Siberia pipeline (operational since 2019, with capacity of 38 bcm/year) and the planned Power of Siberia 2 pipeline (50 bcm/year through Mongolia), though Chinese gas is sold at much lower prices than European contracts. Both Gazprom and Gazprom Neft face Western sanctions limiting access to technology, financing, and markets. Key stock drivers include Russian gas production volumes, Asian pipeline export growth, domestic gas pricing, oil production and prices (for Gazprom Neft), sanctions impact, and Russian government fiscal demands.