The Gazprom Board of Directors approved the report on the progress in 2014 with Gazprom’s Innovative Development Program until 2020.

Gazprom Group continues earmarking considerable funds for financing research and development (R&D) activities. In 2014 a record-breaking amount in the whole Company history – RUB 10.82 billion – was devoted to these purposes. Gazprom is one of the leading Russian investors into innovations.

More than a half of these funds were channeled to priority engineering projects. Thus, for the first time a comprehensive engineering design was prepared for developing the Kharasaveyskoye gas & condensate field located partly onshore, partly offshore. The project economic potential equals some RUB 170 billion. An integrated process solution was designed for responding to accidental oil and petroleum product spills in ice conditions, which will allow for cutting the costs of these operations by 85 per cent.

The Meeting pointed out that, for instance, in 2014 considerable fuel and energy conservation was maintained: their specific consumption for auxiliary process needs dropped by 11.7 per cent compared to 2013. Specific greenhouse emissions in the CO2 equivalent were reduced by 2.4 per cent. In addition, last year the companies of Gazprom Group obtained 218 patents.

Gazprom continued to widely cooperate with research institutions within its innovative development initiatives. In addition, it went on actively interacting with Russian higher education institutions supported by the Company as well as improving the IP management system and the standardization system.

The issue on relations with Ukraine in the gas sector was heard. It was resolved to consider it in detail at another Board of Directors meeting.