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GAZPROM

November 30, 2005

Board of Directors examines major financial investment efficiency

The Board of Directorsí meeting has adjourned at Gazpromís Headquarters.

The Board heard a report on the efficiency of Gazpromís major financial investments and tasked the Management Committee with further supervising the work done in that business sector.

Reference:

At present Gazprom has long-term financial investments in 179 businesses (disregarding Sibneft) making up nine per cent of the corporate total assets.

The major financial investments in Gazpromís long-term investment portfolio are assets in businesses with a substantial book value, net profit, turnover and equity value.

85 per cent of the total financial investment goes to 66 subsidiaries engaged in oil & gas extraction, transmission, processing and marketing as well as operation & maintenance of the United Gas Transmission System, including 66.3 per cent flowing to 23 wholly owned affiliates. 18.6 and 12.6 per cent of the subsidiaries are entities where Gazpromís shareholdings are over 99 per cent and in the 25-99 per cent bracket, respectively.

Gazprom performs monitoring on its major financial investments and scrutinizes pertinent financial and economic highlights, using methods and standards of financial analysis applied both domestically and worldwide. The analysis results are used for managing investments.

Gazprom seeks enhancing both the quality and efficiency of investment management decision-making by performing an in-depth analysis of and forecasting its major financial investment behavior.

 

 

 

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