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Gazprom

July 29, 2005

On meeting of Working Group for Gazpromís Intra-Corporate Governance Structure Enhancement

Gazpromís Headquarters has hosted a meeting of the Working Group for the Gazprom Intra-Corporate Governance Structure Enhancement.

Chairing the meeting was Alexander Ananenkov, Head of the Working Group and Acting Chairman of Gazpromís Management Committee.

The participants reviewed the progress in the implementation of a Plan of measures aimed at enhancing Gazpromís intra-corporate governance structure.

Other matters addressed at the meeting were as follows:

  • simplifying existing order of approving documents and adopting decisions on changes in subsidiariesí structure;
  • mechanism of handing over licenses to companies under formation or reorganization;
  • organizational structure of and restructuring regulations for the technological communications sector;
  • regulations governing the withdrawal of gas extraction capacities out of Tyumentransgaz.

Reference:

Gazpromís intra-corporate governance structure is being improved within the 2nd stage of the Companyís restructuring aimed at the enhancement of Gazpromís business efficiency as a vertically integrated company and optimization of the subsidiariesí core businesses.

The main challenges of the 1st stage of Gazpromís restructuring, namely improving the parent companyís governance structure, regulatory procedures and budgeting system, have been largely met.

The structural changes are expected to end up in the full unbundling of financial flows in the gas & liquid hydrocarbon production, transmission, processing, underground storage and marketing sectors.

Along with consolidating its core businesses, Gazprom intends to have independent repair & maintenance units, distribution networks and social facilities.

Said reforms will allow the Company to achieve bigger transparency of gas production, transmission and marketing expenses.

Consolidating the core businesses will enhance the entire Gazprom Groupís operating efficiency and governance quality.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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