The Board of Directors’ meeting has come to an end at Gazprom’s Headquarters. The Board agreed on Gazpromneft’s foundation, to be a wholly-owned Gazprom’s subsidiary.

Reference:

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In 2003, Gazprom extracted 11 mln t of oil and gas condensate, with 11.8 mln t of liquid hydrocarbons expected to be withdrawn in 2004.

DIVISION OF RELATIONS WITH MASS MEDIA