The Gazprom Board of Directors took note of the information concerning the development strategy for power generating assets as well as the efficiency indicators of the Company's investments into power generating facilities in Russia and abroad.

It was mentioned that the Company was a major investor in the Russian power industry being active in developing power generating capacities and had already fulfilled over half of the total scope of obligations Gazprom Group had assumed when entering the power industry. The successful implementation of the chosen strategy placed Gazprom among the top ten global power producers – the rated capacity of its power generating assets totals 38 GW.

In 2012 combined cycle gas turbine units were commissioned at the Kirishi SDPS and the Pravoberezhnaya CHPP in Saint Petersburg. At the beginning of the current year the Adler CHPS was commissioned in Sochi. At the moment Gazprom continues implementing a number of large-scale projects: the construction is underway on gas-fired generating units at the CHPP-12, CHPP-16 and CHPP-20 in Moscow, as well as coal-fired generating units at the Troitsk and Novocherkassk SDPS.

Gazprom systematically increases the efficiency of its power generating business. The Company takes measures for raising the operating value of its generating assets, executes cost optimization programs and implements activities for improving its financial bottomlines. This helped optimize costs by more than RUB 7 billion in 2012.

The acquisition of core assets is a line of further development for Gazprom's power generating business in Russia. Among other things, this will enable the Company to boost profits and increase the Company's market share as well as optimize gas supplies and generating equipment loads. For instance, potential acquisition by Gazprom of Moscow United Energy Company (MOEK) and Kvadra is considered logical for business expansion in Moscow and the Moscow Region.

In addition, the Company continues exploring the opportunities of the power business development in international markets. The expansion of Gazprom's presence in this business sector will provide for higher Russian natural gas consumption and contribute to lower dependence of the Group's financial indicators on gas price fluctuations as it will allow offsetting possible profit losses by returns on electricity sales.

The Management Committee was tasked to continue strengthening Gazprom's positions across the international power industry.