Alexey Miller, Gazprom’s Management Committee Chairman signed the Resolution on Gazpromneft’s Incorporation. Sergey Bogdanchikov was named as Gazpromneft’s General Director.

Reference:

On 29 October this year, Gazprom’s Board of Directors agreed on setting up Gazpromneft, a new 100% Gazprom subsidiary to be headquartered in Saint-Petersburg.

Gazpromneft is being founded within the 2nd stage of Gazprom’s restructuring that stipulates the consolidation of the Company’s core businesses within independent legal entities.

Gazpromneft will be mainly focused on oil and gas condensate production, transmission and storage.

In 2003, Gazprom extracted 11 mln t of oil and gas condensate, with 11.8 mln t of liquid hydrocarbons expected to be withdrawn in 2004.

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