Public Joint Stock Company Gazprom (Russian: Публи́чное акционе́рное о́бщество «Газпром», Publichnoe Aktsionernoe Obshchestvo Gazprom, abbreviated PAO Gazprom, Russian: ПАО «Газпром», IPA: [ɡɐsˈprom]) is a large Russian company founded in 1989, which carries on the business of extraction, production, transport, and sale of natural gas. The company is majority owned by the Government of Russia, though technically private. Its name is a portmanteau of the Russian words Gazovaya Promyshlennost (Russian: га́зовая промы́шленность - gas industry). Gazprom is in the process of moving from Moscow to Saint Petersburg, where it is constructing Europe's tallest building for its new headquarters. Gazprom was created in 1989 when the Soviet Ministry of Gas Industry was converted to a corporation, retaining all of its assets. Gazprom is involved in the Russian Government's diplomatic efforts, the setting of gas prices, and access to pipelines. Gazprom's production fields are located around the Gulf of Ob in Western Siberia. Plans have also been made to mine the Yamal Peninsula. Gazprom's gas transport system includes 158,200 kilometers of gas trunk lines. Projects include Nord Stream and South Stream. In 2011, Gazprom produced about 513.2 billion cubic meters (18.12 trillion cubic feet) of natural gas, more than seventeen percent of global gas production. Gazprom also produced about 32.3 million tons of crude oil and nearly 12.1 million tons of gas condensate.