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Aleksei Miller, CEO of Gazprom, has signed a document establishing the Gazpromneft limited liability company
Aleksei Miller, CEO of Gazprom, has signed a document establishing the Gazpromneft limited liability company, Gazprom's press release reads. Head of Rosneft Sergei Bogdanchikov has been appointed Director General of the new company. On October 29th Gazprom's board of directors came to a decision to set up the new 100% subsidiary company, which would be located in St. Petersburg. Gazpromneft is being established within the framework of the 2nd stage of Gazprom's reform, which supposes the consolidation of Gazprom's core business enterprises as separate legal entities. Gazpromneft's main kinds of operation will be the extraction, transportation and storage of oil and gas condensate. In 2003 Gazprom produced 11 mln metric tons of oil and gas condensate. Expectedly, 11.8 mln metric tons of the hydrocarbons will be produced in 2004. CEO of Gazprom Dmitry Medvedev told RIA Novosti earlier that the establishment of Gazpromneft would raise the efficiency of Gazprom as a vertically integrated company and optimize the management of main activity sectors. According to Medvedev, the consolidation of Gazprom's oil assets within the framework of one company will provide for the transparency of financial flows and the efficiency of management in the sphere of liquid hydrocarbon extraction.
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