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Gazprom

April 27, 2005

Board of Directors endorses Major Guidelines for investment projects implementation through project financing

The Board of Directorsí meeting is still in progress at Gazpromís Headquarters.

The Board endorsed the Major Guidelines for the investment projects implementation through project financing.

The Board entrusted the Management Committee with selecting and preparing projects for implementation under project financing terms, including the development of intra-corporate documents and a range of procedures targeted at the effective control over the project implementation.

Reference:

The Major Guidelines for the investment projects implementation through project financing are mainly focused on unifying and standardizing the implementation of investment projects through project financing principles allowing to achieve bigger efficiency.

The Guidelines identify the project financing goals, organizational approaches to developing projects (selection criteria and economic viability evaluation principles inclusive) as well as key mechanisms for the project implementation.

Applying project financing on a wider basis will enable Gazprom to reduce the investment risk by distributing it among the participants, raise the corporate investment potential by attracting additional finance with a minimum debt burden and to enhance the efficiency of control over investments. Said move will also make it possible to foster the application of innovative technologies, know-how and other knowledge shared by investment project participants. Consequently, project financing will contribute to enhancing Gazpromís capitalization.

Gazprom has identified a set of pilot hydrocarbon production, transmission and processing projects to be implemented by steering committees through project financing.

In the gas, condensate and oil production sector, the Company has outlined prospects not included in the corporate short- and mid-term development programs, namely a play of the Achimov deposits at the Urengoyskoye gas condensate field, the Nydinskaya area at the Medvezhye gas condensate field and Filippovskaya & Srednekamennougolnaya formations at the Orenburgskoye gas condensate field.

The Yuzhno-Russkoye oil and gas field development identified as feedstock base for the North-European gas pipeline (NEGP) deliveries has also been included in the list of the corporate investment projects to be implemented through project financing.

The project financing principles are planned to be applied to the NEGP construction in the gas transmission sector.

The Novy Urengoy gas refining integrated company construction project was slated for finalization in the gas processing sector.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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