page_title: Gazprom
section_title: Exports
hierarchical_section_title: Gazprom / Sales / Exports
caption_attribution_description: English: Alexey Miller on behalf of Russia and China sign a USD$ 400 billion dollar gas deal
context_page_description: PJSC Gazprom is a partially state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg, Russia. As of 2019, with sales over USD$120 billion, it sits as the largest publicly-listed natural gas company in the world and the largest company in Russia by revenue. In the 2019 Forbes Global 2000, Gazprom was ranked as the 40th largest company in the world. Gazprom name is a portmanteau of the Russian words Gazovaya Promyshlennost.
  Gazprom is vertically integrated and is active in every area of the gas industry, including exploration and production, refining, transport, distribution and marketing, and power generation. In 2018, Gazprom produced twelve percent of the global output of natural gas, producing 497.6 billion cubic meters of natural and associated gas and 15.9 million tonnes of gas condensate. Gazprom then exports the gas through pipelines that the company builds and owns across Russia and abroad such as Nord Stream and TurkStream. In the same year, Gazprom has proven reserves of 35.1 trillion cubic meters of gas and 1.6 billion tons of gas condensate.
context_section_description: Gazprom delivers gas to 25 European countries. Its main export arm is Gazprom Export LLC, founded in 1973 and before 1 November 2006 known as Gazexport, which has a monopoly on gas exports to countries outside of the former Soviet Union. The majority of Russian gas in Europe is sold on 25 year contracts. In late 2004, Gazprom was the sole gas supplier to Bosnia and Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova, Serbia and Slovakia. It provided 97 percent of Bulgaria's gas, 89 percent of Hungary's gas, 86 percent of Poland's gas, nearly 75 percent of the Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. The European Union receives about 25 percent of its gas supply from Gazprom.
  In 2014, Europe was the source of 40% of Gazprom's revenue. The proportion of Europe’s gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012.
  In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades.  On 21 May 2014, Putin met with Xi Jinping and negotiated a  $400bn deal between Gazprom and CNPC. Under the contract, Russia was to supply 38 billion cubic meters of gas annually over 30 years at a cost of $350 per thousand cubic meters beginning in 2018. During the first half of 2018, Gazprom increased its export about 8.7%.  In 2013, the average price of Gazprom’s gas in Europe was about $380 per thousand cubic meters.  China offered a loan of about $50bn to finance development of the gas fields and the construction of the pipeline by Russia up to the Chinese border, with the Chinese to build the remaining pipeline.
caption: CEO of Gazprom Alexei Miller and Head of the China National Petroleum Company Zhou Jiping signed a $400 billion gas deal for natural gas supplies via the Eastern Route between Gazprom and CNPC, 21 May 2014[73][74][75]
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