Gazprom has completed the consolidation of shares whereby the gas giant along with its subsidiaries and the Russian government now own more than 51% of the shares. As the company press office announced today, this marks the first step by Gazprom towards the liberalization of the market of Gazprom shares.
The eventual aim is to integrate the current two-level market of shares although the overall structure of capital will remain the same. The government's stocks will provide the government with significant influence on company policy, according to the company press office.
'The liberalization of the market of company shares will not only benefit Gazprom, it will also benefit the Russian stock market as a whole,' announced Gazprom CEO Alexei Miller.
Gazprom is a largest gas company in the world and one of the leading joint-stock companies in Russia. The company accounts for 8% of Russia's total industrial output and provides 25% of total tax proceeds to the state budget. Gazprom produces 20% of the world's gas and 90% of Russian gas. Moreover Gazprom controls about 65% of all gas resources in Russia and 20% of all gas resources in the world. The total volume of Gazprom's prospected gas resources is 26 trillion cubic metres.