Gazprom Begins Preparing Investment Programme for 2004

Gazprom chairman Alexei Miller has signed a 'Plan of measures for drawing up Gazprom's investment programme for 2004.' According to the gas concern's press office, the document sets out measures for preparing the investment programme for next year and a timescale for their completion.

'By listing the measures that we will take to draw up our investment programme for 2004 as early as now, we are setting ourselves the goal of making optimum use of the company's efforts and expenditure in the production sector,' said Miller. 'In adopting a final version of the investment programme, our estimates regarding increases in tariffs on sales of natural gas to industrial enterprises will be important.'

The history of Gazprom as a joint-stock company dates back to February 1993, when state gas concern Gazprom was privatised. The company's authorised capital stock totals USD 3.72 billion and consists of 23, 673,512,900 shares with a nominal value of RUR 5. The Russian government owns 38.37% of the shares, of which 35% belong to the Ministry of Property and 3.7% to the Russian fund for state property. Foreign shareholders own 11.5% of the shares, Strotransgas owns 5.8%, and 44.3% are divided among 500 thousand companies and private shareholders.

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