Open Joint Stock Company Gazprom is the largest extractor of natural gas and one of the largest companies in the world. Its headquarters are in the Cheryomushki District, South-Western Administrative Okrug, Moscow. Its name is a contraction of Russian: Газовая промышленность, tr. Gazovaya Promyshlennost, meaning "gas industry". Gazprom was created in 1989 when the Ministry of Gas Industry of the Soviet Union transformed itself into a corporation, keeping all its assets intact. The company was later privatized in part, but currently the Russian government holds most of the control in its hands. In 2011, the company produced 513.2 billion cubic metres of natural gas, amounting to 17% of worldwide gas production. In addition, Gazprom produced 32.3 million tons of crude oil and 12.1 million tons of gas condensate. Gazprom's activities accounted for 8% of Russia's gross domestic product in 2011. The major part of Gazprom's production fields are located around the Gulf of Ob in the Yamalo-Nenets Autonomous Okrug in Western Siberia, while the Yamal Peninsula is expected to become the company's main gas producing region in the future. Gazprom possesses the largest gas transport system in the world, with 158,200 kilometres of gas trunk lines. Major new pipeline projects include Nord Stream and South Stream.