Gazprom Strengthened Its Position on the Energy Market

Gazprom (Russia), gas giant, strengthened its important position on the global energy market in Sep 2005. It became due to an agreement about the purchase of a majority stake in the oil firm Sibneft (Russia), which was owned by the Russian magnate Mr. R. Abramovic till the transaction. The strengthening of Gazprom strengthened also the Russian state, which holds a majority stake in the firm and is trying to take back influence over the lucrative oil and gas sector in Russia. Gazprom, which is the largest global natural gas producer, owns about 16% of global natural gas reserves and 60% of Russian natural gas reserves. It has a 20% share in Russian natural gas production and a 90% share in Russian natural gas production. Gazprom ensures 20% of the total incomes of the Russian state budget.