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Gazprom Share Price Up 276% After CEO Miller's First Year, Gas Prices to Rise


CEP20020611000158 Moscow Nezavisimaya Gazeta in Russian 11 Jun 02 P 3

[Report by Andrey Pushkarev: "The Miller Show. Gazprom Visits the Regions for Proxy Votes"]

[FBIS Translated Text]
The Gazprom management has gone to meet with the company's shareholders.  All this week a delegation from the gas monopoly will be addressing workers at its subsidiary enterprises in Ukhta, Nadym, Novyy Urengoy, Yugorsk, and Tyumen.  All this is being done, and not the first time either, to share information on Gazprom's work on the eve of the annual meeting and secure the proxy votes of shareholders working at the monopoly's enterprises.  This time the company management will talk about the most important thing for shareholders in the northern gas-extracting regions -- gas prices.

   The summing up of last year's results is a report on the work done by Aleksey Miller who joined Gazprom 1 year ago.  This is why people in the company itself are noting in particular that in the period from May 2001 to May 2002 the monopoly's share price has almost tripled -- it has risen by 276 percent.  In the current year the market price of a share in the gas monopoly has passed the psychologically important point of one dollar whereas last year the share price averaged R12.73 or 44 cents.  Thus the company's capitalization (or market value), according to the figures for 31 May 2002, was $26.522 billion (in 2001 it averaged $11.4 billion).

   The company's export earnings exceeded $14.5 billion last year and net profit was R71.9 billion.  People at Gazprom are noting that thanks to the additional revenue obtained for gas and savings on current expenditure the company budget ran a surplus of R9 million in the first quarter of 2002 for the first time in many years.  According to the results of Gazprom's work last year it is planned to pay a dividend of R10.5 million or 44 kopeks per share.  Shareholders are due to approve this item and also Gazprom's financial accounts and the Code of Corporate Governance during the gas monopoly's annual meeting which will take place 28 June.  It was to prepare them for this that Aleksandr Semenyak, adviser to the chairman of the Gazprom board, Aleksandr Tsegelskiy, the deputy chief of the securities administration, and representatives of the Gazprombank went to meet with shareholders.  Yesterday in Ukhta they also announced the "positive changes" that are now taking place in the formation of the company's pricing policy in the domestic gas market.

   The price of blue fuel in Russia is going to rise.  And furthermore in the short term it is expected that the non-regulated sector will expand and that gas trading floors will be created in the gas market.


[Description of Source: Moscow Nezavisimaya Gazeta in Russian -- Daily Moscow newspaper aimed at an elite audience and controlled by Boris Berezovskiy.]

THIS REPORT MAY CONTAIN COPYRIGHTED MATERIAL. COPYING AND DISSEMINATION IS PROHIBITED WITHOUT PERMISSION OF THE COPYRIGHT OWNERS.



Russian gas giant Gazprom to adopt new approach to CIS, Baltic markets


CEP20020610000288 Moscow ITAR-TASS in Russian 1258 GMT 10 Jun 02

[FBIS Translated Text]


  Moscow, 10 June: The chairman of Gazprom's board, Aleksey Miller, has entrusted responsibility for the sale of gas in the countries of the CIS and the Baltic to Gazprom's subsidiary, Mezhregiongaz, Gazprom has announced.
  Previously, supplies of gas to the CIS and the Baltic were the responsibility of Gazprom's marketing and gas and liquid hydrocarbon processing department, which has been entrusted, within the framework of the chairman of the board's instruction and in conjunction with Mezhregiongaz, with the task of preparing a plan of measures to implement this decision.
  According to information from Prime-TASS, the transfer of gas supplies for the CIS and the Baltic to Mezhregiongaz will enable [Gazprom] to concentrate the flows of gas goods on the territory of the former USSR and to increase the effectiveness of its gas trading in these countries.
  "Mezhregiongaz's entry into the markets of the CIS and the Baltic, which are substantial and important markets, is a serious step. Gazprom annually supplies these countries with 60bn cubic metres of gas. The company is starting work on an analysis of contractual relations on the CIS and the Baltic markets, as well as of prospects for their development," board chairman Aleksey Miller stressed at an executive meeting.
 

[Description of Source: Moscow ITAR-TASS in English -- main government information agency]



THIS REPORT MAY CONTAIN COPYRIGHTED MATERIAL. COPYING AND DISSEMINATION IS PROHIBITED WITHOUT PERMISSION OF THE COPYRIGHT OWNERS.



Russia: Gazprom Head Reports Changes in Company Leadership


CEP20020603000020 Moscow Interfax in English 0519 GMT 3 Jun 02

[FBIS Transcribed Text]


  MOSCOW. June 3 (Interfax) - Gazprom head Alexei Miller has disclosed changes in the leadership of his company.
  "Rem Vyakhirev has requested the company Board of Directors not to include him on the list of candidates. The new chairman of the Board of Directors will be elected at the coming meeting," he said in a Sunday night TV interview.
  Miller said that Gazexport subsidiary until recently led by Vyakhirev's son now also has a new CEO.
[Description of Source: Moscow Interfax in English -- non-government information agency known for its aggressive reporting, extensive economic coverage, and good coverage of Russia's regions]

THIS REPORT MAY CONTAIN COPYRIGHTED MATERIAL. COPYING AND DISSEMINATION IS PROHIBITED WITHOUT PERMISSION OF THE COPYRIGHT OWNERS.



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