Gazprom and Ferrostaal Discuss Joint Projects for Methanol Production

Gazprom chairman Alexei Miller and Matthias Mitscherlich, the chairman of German company Ferrostaal, have discussed the prospects for joint projects to produce methanol. According to Gazprom's press office, the meeting between the two chairmen was held yesterday in the Russian company's had office.

Ferrostaal is a subsidiary of MAN, one of Europe's leading engineering concerns. Its main operations are in trading steel and steel products, projecting, supplies, construction, assembly and start-up work at industrial plants, and technical maintenance of oil and gas processing plants.

Gazprom's authorised capital stock totals 118,367,564,500 roubles (USD 3.75 billion) and consists of 23, 673,512,900 shares with a nominal value of 5 roubles (USD 0.16). The Russian government owns 38.37% of the shares, of which 35% belong to the Property Ministry and 3.7% to the Russian Federal Property fund. Foreign shareholders own 11.5% of the shares, Stroitransgaz owns 5.846%, and 44.28% are divided among 500 thousand companies and private shareholders. In 2002 Gazprom extracted over 521 billion cubic metres of gas. Its net profit for the first nine months of 2002 fell by more than half compared to the previous year, and totaled 15.963 billion roubles (USD 505 million).

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