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Gazprom is the largest joint-stock company in Russia. Total number of the Company’s shareholders is over 500,000. Russian Government holds over 50 per cent of the Company’s shares.

Gazprom’s equity capital
Shareholders Stake, % as of December 31, 2014
The Russian Federation represented by the Federal Agency for State Property Management 38.37
Rosneftegaz * 10.97
Rosgazifikatsiya * 0.89
ADR holders 28.05
Other legal entities and individuals 21.72

* Entities controlled by the Russian Government 

Gazprom’s shares are one of the most liquid ones on the Russian stock market. They account for some 20 per cent of the daily trades at the Moscow Exchange. The Company’s stock has the largest share in the RTS and MICEX indexes. On December 26, 2013 Gazprom’s shares were transferred to the Quotation List A Level 2 in the List of Securities Admitted to Trading on MICEX (part of the Moscow Exchange); on April 17, 2014 the Saint Petersburg Exchange transferred Gazprom’s shares to the Quotation List A Level 2.

Basic information about Gazprom’s shares
Number of shares issued 23,673,512,900
Nominal value of a share RUB 5.0
Value of shares issued RUB 118,367,564,500
Stock ticker symbol GAZP

History of stock capital

On May 20, 1993 RAO Gazprom issued 236,735,129 shares at a par value of RUB 1,000 per share. The share issue was registered by the Russian Federation Ministry of Finance (registration number MF73-1p-0204).

On October 21, 1994 the Russian Federal Property Fund carried out, according to the Russian President Order No.1705 of December 31, 1992 and based on the outcomes of the specialized cheque auction for selling RAO Gazprom’s shares held in 61 regions of the Russian Federation between April 25, 1994 and June 30, 1994, the split-up of the Company’s shares. The shares were split in the following way: 1 (one) share with a par value of RUB 1,000 (one thousand) was split into 100 (one hundred) shares with a par value of RUB 10 (ten).

On August 19, 1998 the Russian Federal Securities Commission (FSC), introduced and registered, according to the Russian Federation Government Decree No.217 of February 18, 1998 “On the Specifics of Securities Circulation Due to a Change in the Face Value of Russian Currency and the Scale of Prices”, the FSC Decree No.6 of April 20, 1998 “On the Order of Amendments into the Resolution on Securities Issue, Emission Prospectuses, Privatization Plans and Foundation Documents That May Arise from the Changes in the Face Value of Russian Currency and the Scale of Prices”, and according to the FSC resolution of August 17, 1998, the amendments into the emission prospectus for ordinary nominal uncertified shares (state registration No. assigned to the issue is MF73-1p-0204 of May 20, 1993). As a result, the face value of ordinary nominal shares accounted for RUB 0.01.

Thereafter, 23,673,512,900 Gazprom’s ordinary nominal uncertified stocks of the first issue (state registration No.MF73-1p-0204 of May 20, 1993) at a nominal value of RUB 0.01 per share were cancelled because of their conversion (conducted on December 30, 1998) into ordinary nominal uncertified shares of the second issue at a nominal value of RUB 5.0 per share.

Depositary receipts

ADR stands for an American Depositary Receipt issued against Gazprom’s ordinary shares providing free floating of the Company’s shares in international stock markets. The Company’s ADRs are deposited with The Bank of New York Mellon. ADR affirms the ownership of Gazprom’s shares deposited with The Bank of New York Mellon. One ADR represents two shares of Gazprom. It is possible to convert Gazprom’s ordinary shares into ADRs and vice versa.

Number of ADRs : number of Gazprom’s shares 1:2
Program limit 35% of nominal capital
Program type Sponsored
Account depository Bank of New York Mellon
Custodian bank «Gazprombank» (Joint Stock Company)
Starting date of the current Program April 17, 2006

Gazprom is one of the first Russian issuers of depositary receipts traded on the global stock market.

ADR Program history

Gazprom’s ADR Program was launched on October 21, 1996. In the end of last century Gazprom’s shares as well as the Russian stock market in general were undervalued because of the danger of “outside merge”: the Russian Government put some restrictions on buying Gazprom’s shares by foreign investors. At that time, there were two markets for trading the Company’s shares: the Russian market of the ordinary shares and the ADR market limited by 4.4 per cent of the nominal capital. The share price and the ADR price significantly differed from one another.

The Russian Government together with Gazprom’s management undertook purpose-oriented efforts to deregulate the Company’s stock market. In 2005 the state took control over Gazprom’s shares, and therefore removed restrictions on the Company’s stock acquiring and trading. In April 2006 a new ADR Program was launched – “the first level Program”. The Program provides for possible trading in receipts only on the over-the-counter market in the USA as well as enables private investors to become the owners of receipts. Before that, Gazprom’s receipts were issued in line with 144 A Rules and Regulation S, meaning that US institutional investors with the portfolio of over USD 100 million, as well as non-US investors, had the right for the ownership of the Company’s receipts.

Before 2006, one ADR represented 10 Gazprom’s shares; starting from 2006 the ratio was changed to 1:4, and from 2011 – to 1:2.

At present, Gazprom’s ADRs are listed on the London Stock Exchange, traded on the US over-the-counter stock market and on European stock exchanges, namely the Berlin and Frankfurt Stock Exchanges. As at the end of 2011, about 28.35 per cent of Gazprom’s shares were floating in the form of ADRs.


As at the end of 2014 Gazprom’s market capitalization was USD 54.8 billion.

Gazprom’s capitalization, USD billion

Gazprom’s capitalization, USD billion