Gazprom

Gazprom
Gazprom
Газпром
Type Public
Traded as RTS:GAZP
MICEX:GAZP
LSE: OGZD
FWB: GAZ
Industry Oil and gas industry
Founded 1989 (1989)
Headquarters Moscow, Russia
Key people Viktor Zubkov (Chairman)
Alexei Miller (Vice-Chairman & CEO)
Products Natural gas
Petroleum
Services Gas pipeline transport
Revenue increase US$117.2 billion (2010)[1]
Net income increase US$31.9 billion (2010)[1]
Owner(s) Russian Government (50.01%)
Employees 376,300
Subsidiaries List of subsidiaries
Website gazprom.com
Gazprom headquarters in Moscow

Open Joint Stock Company Gazprom (Открытое Акционерное Общество «Газпром», OAO Gazprom Russian: ОАО «Газпром», IPA: [ɡɐsˈprom]) [2] is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow.[3] Gazprom was created in 1989 when the Ministry of Gas Industry of the Soviet Union transformed itself into a corporation, keeping all its assets intact. The company was later privatized in part, but currently the Russian government holds a controlling stake.

In 2008, the company produced 549.7 billion cubic metres (BCM) of natural gas, amounting to 17% of the worldwide gas production. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas condensate. Gazprom's activities accounted for 10% of Russia's gross domestic product in 2008.

The major part of Gazprom's production fields are located around the Gulf of Ob in Yamalo-Nenets Autonomous Okrug in Western Siberia, while the Yamal Peninsula is expected to become the company's main gas producing region in the future. Gazprom possesses the largest gas transport system in the world, with 158,200 kilometres of gas trunk lines. Major new pipeline projects include Nord Stream and South Stream.

The company possesses subsidiaries in many different industry sectors, including finance, media and aviation. In addition, it controls majority stakes in various companies.

Gazprom is publicly traded at stock exchanges as RTS:GAZP, MICEX:GAZP, LSE: OGZD, FWB: GAZ and OTC:OGZPY.

Contents

History

1989-1992: Inception

A separate Soviet gas industry was created in 1943. Large natural gas reserves discovered in Siberia and the Ural and Volga regions in the 1970s and 1980s enabled the Soviet Union to become a major gas producer. Gas exploration, development, and distribution were centralized in the Ministry of Gas Industry, which was created in 1965.[4]

In August 1989, under the leadership of the Minister of Gas Industry Viktor Chernomyrdin, the ministry[clarification needed] transformed itself into State Gas Concern Gazprom, which became the country's first state-corporate enterprise. The company was still controlled by the state, but now the control was exercised through shares of stock, 100% of which were owned by the state.[5][6]

When the Soviet Union dissolved in late 1991, assets of the former Soviet state in the gas sector were transferred to newly created national companies such as Ukrgazprom and Turkmengazprom.[7] Gazprom kept assets located in the territory of Russia, and was able to secure monopoly in the gas sector. Assets in the oil industry, on the other hand, were divided among several companies.[6]

1993-1997: Privatization

Gazprom's political influence increased markedly after the new Russian President Boris Yeltsin appointed the company's chairman Chernomyrdin as his Prime Minister in December 1992. Rem Viakhirev took Chernomyrdin's place as Chairman both of the Board of Directors and of the Managing Committee.[6]

The new government had a commitment to economic reform and began to privatize Gazprom. Following the Decree of the President of the Russian Federation of 5 November 1992 and the Resolution of the Council of Ministers of the Russian Federation of 17 February 1993, the organization became a joint-stock company and started to distribute shares under the voucher method: every Russian citizen received vouchers to purchase shares of formerly state-owned companies. By 1994, 33% of the Gazprom's shares had been bought by 747,000 members of the public, mostly in exchange for the vouchers. 15% of the stock was also purchased and allocated to Gazprom employees. The state retained 40% of the shares, but the amount was gradually lowered to 38%.[6] Trading of Gazprom's shares was heavily regulated, and the by-laws of the company prohibited foreigners from owning more than 9 percent of the shares.

Gazprom slowly established credibility in the western capital markets with an offering of one percent of its equity to foreigners in October 1996 in the form of Global Depository Receipts and a successful large bond issue of US$2.5 billion in 1997.

1998-2000: Tax evasion and asset-stripping

As the Prime Minister of Russia, Chernomyrdin was able to ensure that the state did not closely regulate Gazprom. As a result, the company was able to evade taxes on a large scale, and the state received little money in the form of dividends. The management and board members launched a large-scale asset-stripping, and Gazprom's property was parceled out to them and their relatives. Some of the largest stripped assets were transferred to the controversial gas-trading company Itera. Chernomyrdin and Gazprom's CEO Rem Viakhirev were leading figures in the asset-stripping process.[8]

In March 1998, for reasons unrelated to Gazprom, Yeltsin fired Chernomyrdin from his position as Prime Minister.[9] On 30 June 1998 Chernomyrdin returned to the position as the Chairman of the Board of Directors.

2000-2003: The Putin reforms

Gazprom's situation changed abruptly in June 2000, when Vladimir Putin became the President of Russia. Putin launched a campaign to rein in the oligarchs and, per his policy of the so-called national champions, to establish state control in strategic companies.[10] He launched an attack against what he saw as mismanagement and personal pillaging of state assets. After coming to power, Putin immediately fired Chernomyrdin from his position as the chairman of the company's board and used the stock owned by the state to vote out Vyakhirev. The two men were replaced by Dmitry Medvedev and Alexei Miller, who had previously worked with Putin in Saint Petersburg.[10] Putin's actions were aided by shareholder activism by Hermitage CEO William Browder and former Russian finance minister Boris Fyodorov. Miller and Medvedev were assigned the task of stopping the asset-stripping, but also to regain lost possessions. By denying Itera access to Gazprom's pipelines, Miller almost forced Itera to bankruptcy. As a result, Itera's management agreed to sell the stolen assets back to Gazprom.[11]

2005-2006: Establishment of government control

In June 2005, Gazprombank, Gazpromivest Holding, Gazfond and Gazprom Finance B. V., subsidiaries of Gazprom, agreed to sell a 10.7399% share to the state-owned company Rosneftegaz for $7 billion, at what some western analysts viewed as an undervalued price.[12] The sale was to be completed by 25 December 2005, which, combined with the 38% share of the State Property Committee, gave the Russian government control over the company.[13]

As the Russian state had now acquired a controlling share, the 20% restriction on foreign investment in Gazprom was lifted, and the company became fully open to foreign investors.[14][15]

On 20 July 2006, the Federal Law "On Gas Export" granting Gazprom exclusive right to export natural gas was published, and hence came into force.[16] It was almost unanimously approved by the State Duma on 5 July, by the upper house, the Federation Council on 7 July and signed by President Vladimir Putin on 18 July.[17][18][19]

Notable acquisitions

In April 2001 Gazprom took over NTV, Russia's only nationwide state-independent television station held by the oligarch Vladimir Gusinsky's Media-Most holding.[20][21][22] In 2002 the Gazprom subsidiary Gazprom Media acquired all of Gusinsky's shares in the companies held by Media-Most.[23]

In September 2005, Gazprom bought 72.633% of the oil company Sibneft (now Gazprom Neft) for $13.01 billion, aided by a $12 billion loan, which consolidated Gazprom's position as a global energy giant and Russia's biggest company. On the day of the deal the company was worth £69.7 billion/US$123.2 billion.

In December 2006, Gazprom signed an agreement with Royal Dutch Shell, Mitsui and Mitsubishi, taking over a half plus one share in Sakhalin Energy.[24]

In June 2007, TNK-BP, a subsidiary of BP plc agreed to sell its stake in Kovykta field in Siberia to Gazprom after the Russian authorities questioned BP's right to export the gas to markets outside Russia.[25][26][27][28] On 23 June 2007, the governments of Russia and Italy signed a memorandum of understanding to cooperate on a joint venture between Gazprom and Eni SpA to construct a 558-mile (900 km) long gas pipeline to carry 1.05 trillion cubic feet (30 km3) of gas per year from Russia to Europe. The South Stream pipeline would extend under the Black Sea to Bulgaria with a south fork extending to Italy and a north fork to Hungary.[29][30][31]

Supply

Production

In 2008, the Gazprom group produced 549.7 billion cubic meters of natural gas. This amounted to 17% of the worldwide and 83% of Russian production. Of this amount, the Yamburg subsidiary produced 41%, Urengoy 23.6%, Nadym 10.9%, Noyabrsk 9.3% and others 15.2%. In addition, the company produced 32 million tons of oil and 10.9 million tons of gas consendate.[32]

Major part of Gazprom's current production fields are located in the Nadym-Pur-Taz region (near the Gulf of Ob) in Yamalo-Nenets Autonomous Okrug in Western Siberia. The three largest ones—Medvezhe, Urengoy and Yamburg—have been sustaining Russian gas production for 20 years. They are now in a declining state of production, with production falling by 20 – 25 bcm per year.[33][34] Gazprom's fourth large field, Zaporliarnoe was able to increase production until 2004, which offset the decline in the three largest fields.[33] From 2004, the company has been able to sustain its overall production levels by launching production from new smaller fields and by purchasing production assets from other companies.[33][35]

Crude oil production comes mostly through the subsidiary Gazprom Neft, which was previously called Sibneft. Gazprom bought 75% of the company's shares in 2005 for $13.1 billion.[36]

billion cubic metres 2004 2005 2006 2007 2008
Natural gas 552.5 555.0 556.0 548.6 549.7
Source: Gazprom in figures 2004-2008.[32]
million tons 2004 2005 2006 2007 2008
Crude oil 0.9 9.5 34.0 34.0 32.0
Condensate 11.1 11.5 11.4 11.3 10.9
Source: Gazprom in figures 2004-2008.[32]

Imports from Central Asia

Imports from Central Asia have become very important to Gazprom's supply balance.[33] In 2007, Gazprom imported a total of 60.7 billion cubic metres from Central Asia: 42.6 bcm from Turkmenistan, 8.5 bcm from Kazakhstan and 9.6 bcm from Uzbekistan.[33] In particular, 75% of all Turkmen gas exports go to Gazprom, which in turn exports the gas to Ukraine. The price of the Central Asian gas received by Gazprom ranged from $130/mcm to $180/mcm in 2008. Gazprom has agreed that prices will rise to European levels in the near future.[33]

Reserves

The company's proved and probable reserves under PRMS international standards in 2008 were 21.03 trillion cubic metres of natural gas, amounting to 17% of the world's proved natural gas reserves; 1.278 billion tons of crude oil and 729.8 billion tons of gas condensate.[32] 73.2% of Gazprom's natural gas reserves were located in the Urals Federal District, 14.3% in the Arctic shelf, 7.8% in the Southern Federal District, 2.3% in the Volga Federal District, 1.2% in the Siberian Federal District, and 1.2% in other territories.[32]

trillion cubic metres 2004 2005 2006 2007 2008
Natural gas 20.90 20.66 20.73 20.82 21.03
Source: Gazprom in figures 2004-2008.[32]

Development and exploration

Location of the Shtokman gas field

Since the production at Gazprom's current main production fields is declining, new fields need to be launched in the next few years in order for overall production levels to be sustained.[33][35] Recognizing this, the company has been investing heavily in major projects, with overall yearly investment reaching about 480 billion rubles ($20 billion) in recent years.[33] Nearly 37% of Gazprom's reserves are located in Yamal Peninsula and in the Barents Sea, and access needs to be gained to those reserves before they can begin production.[33]

Yamal Peninsula

Main article: Yamal project

Gazprom's main solution to the decline of current fields is the development of new fields located in the Yamal Peninsula, which is expected to become the company's main gas producing region in the future.[34] The explored reserves there amount to over 10 trillion cubic metres of natural gas and over 500 million tons of oil and gas condensate. About 60% of this is located in major fields such as the Bovanenkovo, Kharasavey and Novoportovo fields. The Bovanenkovo field is expected to become the first one commissioned, starting production in 2011. The natural gas production capacity of the Bovanenkovo field is projected as 115 bcm per year, with the potential to increase to 140 bcm per year.[32] The planned 2011 start date has been met with skepticism by analysts. The main obstacle for the deadline is the lead time necessary to mobilize materials to drill development wells, and especially the technically challenging construction of Bovanenkovo–Ukhta pipeline across Baydaratskaya Bay, which will connect the Bovanenkovo field to Gazprom's gas transmission network. It has been predicted that failure to launch Yamal production in 2011 will lead to a decline in Gazprom's overall production capability, and even if the field is launched in time, this will only enable the company to sustain current levels, but not to increase production.[33]

Shtokman field

Main article: Shtokman field

Gazprom's other major future source is the Shtokman field — one of the world's largest natural gas fields. It is a supergiant field located offshore in the central part of the Barents Sea, 650 km (404 mi) northeast of the city of Murmansk and 1,000 km west of the Yamal Peninsula. The field is estimated to contain to 3.7 trillion cubic metres of gas.[33] Potential production is 71 bcm per year in the initial phases, with a potential of increase to 95 bcm per yer.[32] Gazprom, French Total and Norwegian Statoil have created a joint company Shtokman Development AG for development of the phase 1 of the field.[37][38][39] The production is expected to start in 2015.[40]

Other options

Another large-scale production option would be the development of the Kovykta field in Eastern Siberia, but this has been seen as a last resort alternative due to its cost.[33] In the short term, Gazprom plans to increase production to 570 bcm in 2010 by developing the following fields in the Nadym-Pur-Taz region: Zapolyarnoye, Pestsovoe, Kharvutinskoe, Yuzhno-Russkoe, Zapadno-Pestsovoe, the Nydinskaya part of the Medvezhe field and Urengoy Achimovskoe.[33]

Exploration

In Russia, Gazprom carried out 284.9 kilometres of exploration well drilling; 124,000 kilometres of 2D seismic survey and 6,600 square kilometres of 3D seismic survey in 2008. As a result, gas reserves grew by 583.4 billion cubic metres, while oil and condensate reserves grew by 61.0 million tons.

Gazprom also carries out prospecting and exploration in foreign countries such as India, Algeria, Venezuela, Vietnam, Libya, Kazakhstan, Uzbekistan, Kyrgystan and Tajikistan.[32]

Transmission

Natural gas pipelines from Russia to Europe

Gazprom's Unified Gas Supply System (UGSS) includes 158.2 thousand kilometres of gas trunklines and branches and 218 compressor stations with a 41.4 mln kW capacity. The UGSS is the largest gas transmission system in the world.[41] In 2008, the transportation system received 714.3 billion cubic metres of gas.[32] The UGSS is currently at the superior limit of its capacity.[41]

Major transmission projects include the Nord Stream and South Stream pipelines, as well as several pipelines inside Russia.[32]

Sales

In 2006, Gazprom sold 316 bcm of gas to domestic customers in Russia; 162 bcm to Europe and 101 bcm to CIS countries and the Baltic states.[33] There is a considerable difference in gas prices for these three customer groups. Inside Russia, according to Russian government policy, Gazprom is forced to sell gas at a considerable discount. This is a result of the socialist legacy, according to which energy is a "basic human right." Consequently, Gazprom receives about 60% of its revenues from its sales to European customers.[42]

The cheap domestic price has caused problems for the Russian economy, such as overdependency on gas as an energy source and lack of investment in new production fields. Until 2004, Gazprom could only sell gas inside Russia at loss. It has also been recognized that development of the new high-cost gas fields will not be possible without price increases. In 2006, the Russian government decided that domestic gas prices for industrial customers will rise to European netback levels (with tariffs and transmission costs reduced) by 2011. In 2008, average gas price paid by Russian industrial customers was $71/mcm, while households paid $54/mcm. Both prices are expected to rise about 25% in 2009, 25% in 2010, and 40% in 2011.[33] Gazprom's attempts to bring CIS export prices to European levels have led to several disputes, most seriously with Ukraine in 2006 and 2009.

Gazprom sales of gas 2004-2008
2004 2005 2006 2007 2008
Volume Price Volume Price Volume Price Volume Price Volume Price
Russia 306 bcm $47/mcm 307 bcm $36/mcm 316 bcm $43/mcm 307 bcm $42/mcm 287 bcm $67/mcm
CIS+Baltic 66 bcm $36.33/mcm 77 bcm $50.02/mcm 101 bcm $76.37/mcm 100 bcm $91.6/mcm 96.5 bcm $118/mcm
Europe 153 bcm $101.61/mcm 156 bcm $140.09/mcm 162 bcm $192.59/mcm 168.5 bcm $185/mcm 184.4 bcm $313/mcm
Prices are excluding VAT and tax and custom duties. Sources:[33][43]

Exports

Gazprom delivers gas to 25 European countries, the only major exceptions being Spain and Portugal. The vast majority of Russian gas in Europe is sold on long-term 20 — 25 year contracts, although recently the subsidiary Gazprom Marketing and Trading has been increasingly active in the short-term sales business.[33]

By the end of 2004 Gazprom was the sole gas supplier to at least Bosnia and Herzegovina, Estonia, Finland, former Yugoslav Republic of Macedonia, Latvia, Lithuania, Moldova, Serbia and Slovakia, and provided 97 percent of Bulgaria's gas, 89 percent of Hungary's, 86 percent of Poland's, nearly three-quarters of the Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's.[44][45] The European Union as a whole gets about 25 percent of its gas supplies from Gazprom.[46][47]

Price disputes

On 1 January 2006, at 10:00 (Moscow time), during the Russia-Ukraine gas dispute, Gazprom ceased the supply of gas to the Ukrainian market, calling on Ukraine's government to pay increases that partially reflected the global increases in fuel prices.

During the night from 3 to 4 January 2006, Naftogas of Ukraine and Gazprom negotiated a deal that temporarily[48] resolved the long-standing gas price conflict between Russia and Ukraine.

On 13 March 2008, Gazprom agreed to supply Ukraine with gas for the rest of the year in a deal that will cut out intermediary companies, a move it hopes will end payment disputes. Ukraine will pay $315 (£115) per 1,000 cubic metres of gas supplied in January and February this year, then between March and December it will pay $179.50 per 1,000 cubic metres.[49] This came after a three day crisis the week before when gas supplies to Ukraine were halved.

On 3 April 2006, during the Russia-Belarus energy dispute, Gazprom indicated it would triple the price of natural gas sold to Belarus after 31 December 2006. In December 2006 Gazprom threatened a cut-off of supplies to Belarus at 10 am Moscow time on 1 January 2007, unless it agrees to raise the price it pays for the gas from $47 to $200 per 1,000 cubic metres or to cede control over its distribution network.[50] Some analysts suggested Moscow was penalising Alexander Lukashenko, the President of Belarus, for not delivering on pledges of closer integration with Russia,[51] while others noted that other friendly countries like Armenia were paying as much for their gas as Belarus would with the new price levels.[52]

Later Gazprom requested a price of $105,[53] yet Belarus still refusing the agreement. It responded that if supplies were cut, it would deny Gazprom access to its pipelines, which would hurt gas transportation to Europe.[54] However, on 1 January 2007, just a few hours before the deadline, Belarus and Gazprom signed a last-minute agreement. Under the agreement, Belarus undertook to pay $100 per 1,000 cubic metre in 2007. The agreement also allowed Gazprom to purchase 50% of the shares in Beltransgaz, the Belarusian pipeline network.[55] Immediately following the signing of this agreement Belarus declared a $42/ton transportation tax on Russian oil travelling through the Gazprom pipelines crossing its territory.

In November 2008 Gazprom and Ukraine escalated their dispute. This resulted in both Gazprom and Ukraine's Naftogaz cutting gas supplies to part of Europe in 2009.

Company characteristics

Gazprom is a vertically integrated company which dominates both upstream and downstream activities. It owns all main gas-processing facilities in Russia, operates the country's high pressure pipelines and has (since 2006) a legal export monopoly. Other natural gas producers, such as Russia's second largest gas company Novatek, are forced to use Gazprom's facilities for transmission and processing.[42]

At the end of 2008, Gazprom had 221.300 employees in its major gas production, transportation, underground storage and processing subsidiaries. Of this, 9.5% were management, 22.9% were specialists, 63.4% were workers and 4.2% were other employees.[32]

Gazprom belongs to the so-called national champions; a concept advocated by former Russian president Vladimir Putin, in which large companies in strategic sectors are expected not only to seek profit, but also to advance Russia's national interests. For example, Gazprom sells gas inside Russia considerably under the global market price as a form of subsidy to the public.[6]

The company also controls assets in banking, insurance, media, construction and agriculture.

In 2008, Gazprom's activities made up 10% of the Russian GDP.[32]

Efficiency concerns

Swedish economist Anders Åslund estimates that 50 percent of the state-owned Gazprom's investments are lost through corrupt practices.[56] For instance, the Russian section of Blue Stream pipeline was three times more expensive to construct per kilometer than the Turkish section of the pipeline.[56]

Shareholders

As of 29 December 2006, Gazprom's main shareholders were:[57]

  • Russian Federal Agency for Federal Property Management (Rosimushchestvo) - 38.373% (Rosimushchestvo was abolished by May 2008.)
  • Gazprombank (nominee holder) - 41.235% (including 13.2% of ADR holders)
  • Rosneftegaz - 10.74%
  • Gerosgaz - 2.93%
  • E.ON Ruhrgas - 2.5%

The Russian government controls 50.002% of shares in Gazprom through Rosimushchestvo, Rosneftegaz, and Rosgazifikatsiya.[57]

Subsidiaries

Main article: List of Gazprom's subsidiaries

Gazprom has several hundred subsidiaries in Russia and abroad owned and controlled directly or indirectly.

Management

Gazprom Headquarters in Moscow

Board of directors

Gazprom's Board of Directors as of at least August 2008:[58]

Former members of the board:

Management committee

Gazprom's management committee as of December 2006:[59]

  • Alexei Miller (Chairman, Deputy Chairman of the Board, CEO, Chairman of Gazprombank, former Deputy Minister of Energy of Russia, member since 2001)
  • Alexander Ananenkov (Deputy Chairman, Deputy Chairman of the Board, Gazprom shareholder, member since 17 December 2001)
  • Valery Golubev (Deputy Chairman, Head of the Department for Construction and Investment, former Head of the Vasileostrovsky District, former member of the Federation Council of Russia, member since 18 April 2003)
  • Alexander Kozlov (Deputy Chairman, member since 18 March 2005)
  • Andrey Kruglov (Deputy Chairman, Head of the Department for Finance and Economics, member since 2002)
  • Alexander Medvedev (Deputy Chairman, Deputy Chairman of the Board, Director General of Gazprom Export, President of Kontinental Hockey League, member of the Coordination Committee of RosUkrEnergo, member since 2002)
  • Mikhail Sereda (Deputy Chairman, Head of Administration, Deputy Chairman of Gazprombank, member since 28 September 2004)
  • Sergei Ushakov (Deputy Chairman, member since 18 April 2003)
  • Elena Vasilyeva (Deputy Chairman, Chief Accountant, member since 2001)
  • Bogdan Budzulyak (Head of the Department of Gas Transportation, Underground Storage and Utilization, member since 1989)
  • Konstantin Chuychenko (Head of Legal Department, Head of the Control Department of Russia, presidential aide to Dmitry Medvedev, former chairman of Gazprom Media, executive director of RosUkrEnergo, former KGB officer, member since 2002)
  • Viktor Ilyushin (Head of the Department of Relationships with Regional Authorities of the Russian Federation, member since 1997)
  • Olga Pavlova (Head of the Department of Asset Management and Corporate Relations, member since 2004)
  • Vasiliy Podyuk (Head of the Department of Gas, Gas Condensate and Oil Production, member since 1997)
  • Vlada Rusakova (Head of the Department of Strategic Development, member since 5 September 2003)
  • Kirill Seleznev (Head of the Department of Marketing and Processing of Gas and Liquid Hydrocarbons, member since 27 September 2002, Director-General of Mezhregiongaz)

Former members of the management committee:

  • Nikolai Guslisty (1997 - 18 March 2005)
  • Yury Komarov (former Director General and former Acting Director General of Gazprom Export, former head of development of the Shtokman Field, former Representative of Russia to the Asia-Pacific Economic Cooperation forum) (8 August 2003, - 12 May 2005)
  • Alexander Ryazanov (former CEO of Surgut Gas Processing Factory, former First Deputy Chairman of the Board, former President of Sibneft, former deputy (i.e. member) of the State Duma) (2001 - 15 November 2006)
  • Mikhail Akselrod (until 18 March 2005)
  • Boris Yurlov (until 16 April 2004)
  • Nikolai Gornovsky (until 18 April 2003)
  • Vladimir Leviev (until 18 April 2003)
  • Sergei Lukash (until 18 April 2003)
  • Vladimir Rezunenko (until 26 June 2003)
  • Alexander Krasnenkov (until 8 August 2003)

Shareholdings

Shares of the members of the Board of Directors and Management Committee (as of 5 September 2005):[60]

Others have no share.

Sports sponsorships

Gazprom is the sponsor of Russian Premier League football club FC Zenit Saint Petersburg.

On 1 January 2007 Gazprom also became the sponsor of the German Bundesliga club FC Schalke 04 paying up to €25 million a year for the privilege. On 23 November 2009, the partnership was extended for a further 5 years. The sponsorship is worth $150m (USD) spread over the 5 years.[61]

On 9 July 2010 Gazprom became sponsor of Serbian Serbian SuperLiga football club Red Star Belgrade.

On late 2010, Gazprom became sponsor of Venezuelan football club Deportivo Táchira.

Gazprom by 2010 Gold Partner of the Russian professional cycling team, Team Katusha, in alliance with Itera, and Russian Technologies (Rostekhnologii).

See also

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References

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  2. ^ Gazprom (RTS:GAZP / MICEX:GAZP / LSE: OGZD / FWB: GAZ) is a contraction of Russian: Газовая промышленность, tr. Gazovaya Promyshlennost, meaning "gas industry".
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  7. ^ Aarentsen, Maarten (2003). National reforms in European gas. 
  8. ^ Goldman, p.61
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  10. ^ a b Goldman, pp.104-105
  11. ^ Goldman, pp.141-142
  12. ^ Kremlin agrees price for Gazprom, BBC News, 16 June 2005.
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  18. ^ Duma approves Gazprom export bill, BBC News, 5 July 2006.
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  25. ^ "BP Set to Leave Russia Gas Project", by Guy Chazan and Gregory L. White, Wall Street Journal, 2007-06-23 p. A3
  26. ^ "BP sells Kovykta gas field stake to Gazprom". CNN. 2007-06-22. http://money.cnn.com/2007/06/22/news/international/bp.reut/index.htm. Retrieved 2007-06-29. [dead link]
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Sources

  • Goldmann, Marshall (2008), Petrostate: Putin, Power and the New Russia, Oxford University Press, ISBN 9780195340730 
  • Gazprom in figures 2004-2008, Gazprom, 2008 

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