print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all GAZPROM press releases

GAZPROM

September 27, 2006

Gazprom Board of Directors endorses oil business strategy

The Board of Directors’ meeting is underway at the Gazprom Headquarters.

The Board has endorsed the Gazprom oil business strategy.

The strategy contemplates increasing annual oil recovery to 80 mln t by 2020 and will help solidify the domestic and foreign standing of Gazprom as an efficient multiprofile oil and gas business, bring Gazprom’s oil reserves into development on a more aggressive basis and create additional conditions for higher market capitalization and better bottom lines of the Company.

Reference:

Gazprom owns more than 75 per cent of shares in Gazprom neft.

While working on its oil business strategy Gazprom has reviewed several development scenarios for the Gazprom Group’s oil recovery.

The priority was given to a scenario ensuring viable returns on the committed investment and the broadest presence possible in the oil market. According to this scenario, by 2020 Gazprom is scheduled to reach an 80 mln t of oil recovery notch with average annual recovery rates to account for 4 per cent, twofold up on the world’s largest oil companies.

The plan of annual 80 mln t oil recovery in 2020 prescribes working in the following directions:

  • gradually bringing onstream all of the explored oil fields of Gazprom neft (taking into account Slavneft, in which Gazprom neft holds a 50 per cent stake);
  • bringing into development reserves of Gazprom;
  • expanding the resource base.

In the oil refining and marketing sector, Gazprom neft’s activity will be targeted at expanding oil refining capacities, exporting part of the recovered oil, ensuring synergy with Gazprom’s processing assets and developing the retail network.

Gazprom neft will implement its investment program fully self funded, without finance of Gazprom.

On May 25, 2006, the Gazprom Management Committee approved the Company’s oil business strategy and resolved to submit it under review of the Gazprom Board of Directors.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer