Gazprom’s Headquarters has hosted today a meeting of the Working Group for the Gazprom intra-corporate governance structure improvement. The meeting was chaired by Alexander Ananenkov, Head of the Working Group, Deputy Chairman of Gazprom’s Management Committee.

The parties discussed and approved a draft version of the Consolidated Project on the foundation of Gazprom’s subsidiaries within the Gazprom intra-corporate governance structure streamlining process.

The Working Group also pondered on issues in relation to structural changes in the oil extraction, power generation, construction and other business sectors of the Gazprom Group.

Reference:

Gazprom’s intra-corporate governance structure is being improved within the 2nd stage of the Company’s restructuring aimed at the enhancement of Gazprom’s business efficiency as a top-down company and optimization of subsidiary core businesses.

The structural changes are expected to result 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 spin-off 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 Group’s operating efficiency and governance quality.