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GAZPROM

April 6, 2007

Gazprom Management Committee approves advanced technology venture fund set-up

The Gazprom Management Committee addressed venture financing issues aimed at increasing operating efficiency to produce new technologies and equipment for Gazprom’s existing and perspective projects implementation and approved the proposal to establish an advanced technology venture fund.

The core business units were tasked to submit the venture financing issue for the approval of the Board of Directors as well as prepare corresponding materials.

Reference:

The strategic aim of Gazprom is to create the global energy company and to become a world leader. Such aim can only be achieved if the company’s technical and technological resources meet the relevant standard.

Since Gazprom’s perspectives are associated with the projects implementation in the regions with the specific type of climate the demand for the unique technology specially designed for these projects will grow.

The main challenge for Gazprom here is to optimize and improve the efficiency of innovative technical and technological solutions development in the context of the creation of new generation industry equipment for the company’s benefit, as well as to gain competitive advantages by means of the brand-new products development.

The improvement of Gazprom’s existing management system for the new equipment development is objectively essential now. The tool ensuring the effective implementation of scientific and technical developments based on the cooperation and balance of interests of all innovative process participants – Gazprom, scientific bodies, equipment producers, and financial institutions is required. One of the core instruments for the transfer to such innovative management model is the introduction of the infrastructure for the innovative projects venture financing, basically the venture fund.

Main roles of venture fund for innovative technologies are the following:

  • Structuring, funding and control over the strategic and advanced innovative projects with a view to find and introduce new technical and technological solutions necessary for the implementation of middle- and long-term Gazprom development programs.
  • Commercialization of innovative products (technical and technological solutions, intellectual property objects and rights to use them) in the external consumer market.

The up-to-date equipment development and construction scheme designed to meet the company’s needs using the venture fund for innovative technologies, will contribute to the achievement of the following:

  • Meeting the Gazprom’s demand for the commercial supplies of the innovative advanced equipment.
  • High efficiency of investments in the new technology development due to the use of innovative products.
  • Business application of intellectual property objects resulted from R&D.
  • Optimum mix of various models to finance operations (budget, venture, and project type) at the various innovative project phases.
  • Proper use of funds, transparency of financial flows.
  • Sharing of risks among Gazprom, equipment producers and financial institutions.

 

 

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