Gazprom 1980s, the Ministry of Gas Industry found large natural gas reserves in Siberia, the Ural region and the Volga region. The Soviet Union became a major gas producer. In August 1989, under the leadership of Viktor Chernomyrdin, the Ministry of Gas Industry was renamed the "State Gas Concern Gazprom", and became the Soviet Union's first state run corporate enterprise. In late 1991, when the Soviet Union dissolved, gas industry assets were transferred to newly established national companies, such as Ukrgazprom and Turkmengazprom. Gazprom kept assets located in Russia and secured a monopoly in the gas sector. In December 1992, when
Gazprom of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's gas. The European Union receives about 25 percent of its gas supply from Gazprom. In 2014, Europe was the source of 40% of Gazprom's revenue. The proportion of Europe’s gas bought in the spot market rose from 15 percent in 2008 to 44 percent in 2012. In September 2013, during the G20 summit, Gazprom signed an agreement with CNPC that the Henry Hub index would not be used to settle prices for their trades. On 21 May 2014, Putin met with Xi Jinping and negotiated