Viktor Chernomyrdin - Founder of Gazprom

Founder of Gazprom

In August 1989, under the leadership of Chernomyrdin, the Ministry of Gas Industry was transformed itself into the State Gas Concern, Gazprom, which became the country's first state-corporate enterprise. Chernomyrdin was elected its first chairman. The company was still controlled by the state, but now the control was exercised through shares of stock, 100% of which were owned by the state.

When the Soviet Union dissolved in late 1991, assets of the former Soviet state in the gas sector were transferred to newly created national companies such as Ukrgazprom and Turkmengazprom. Gazprom kept assets located in the territory of Russia, and was able to secure a monopoly in the gas sector.

Gazprom's political influence increased markedly after the new Russian President Boris Yeltsin appointed the company's chairman Chernomyrdin as his Prime Minister in 1992. Rem Viakhirev took Cherdomyrdin's place as Chairman both of the Board of Directors and of the Managing Committee. Gazprom was one of the backbones of the country's economy in 1990s, though the company underperformed during that decade. In 2000s, however, Gazprom became the largest extractor of natural gas in the world and the largest Russian company.