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Gazprom to bolster market position and lift revenues by combining long-term contracts and new forms of trade

November 22, 2016, 13:10

The Gazprom Board of Directors took note of the information about the pricing of natural gas exports.

It was highlighted that abundant gas reserves coupled with well-developed production and transportation infrastructure underpinned the stability of Gazprom’s export business.

Reliable gas supplies to European consumers are based on the system of long-term contracts. In order to make Russian gas more competitive, Gazprom improves its contract-related activities. In addition, the Company applies alternative forms and methods of trade, including gas auctions, which helps increase gas sales.

It was noted at the meeting that Gazprom would be able to bolster its market position and lift its gas export revenues by combining long-term contracts and new forms and methods of trade.

The Board of Directors resolved to approve the revised draft Corporate Governance Code of Gazprom and submit it to the annual General Shareholders Meeting for consideration. The document was prepared with due regard to the recommendations of the Russian Corporate Governance Code and the updates in Russian laws and the Company’s internal documents.

Background

The Corporate Governance (Behavior) Code of Gazprom was approved by the annual General Shareholders Meeting in 2002. The document seeks, inter alia, to ensure fair treatment of the Company’s shareholders, effectively protect their rights and interests, enhance information transparency, and develop the business ethics standards.

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