oao gazprom-adr 144a (OGZRY) Key Developments
Gazprom and BASF SE Agree to Cooperate Within Nord Stream II Project
Aug 3 15
Gazprom and BASF signed a Memorandum of Intent stipulating the cooperation within the project for constructing the Nord Stream II gas pipeline. The document reflects the parties' intents to implement a project for constructing two strings of the gas pipeline that would connect the Russian and the German coasts under the Baltic Sea. The new gas pipeline capacity will total 55 billion cubic meters a year.
Gazprom, Sibur Sign RUB 800 Billion Contract to Build Amur Gas Processing Plant
Jul 28 15
Gazprom and Sibur have signed "the contract of the century" on construction of the Amur Gas Processing Plant at a cost previously estimated to total RUB 791 billion (including VAT and contractor fees). Gazprom Pererabotka Blagoveshchensk (part of Gazprom Group) and NIPIGAZ (part of Sibur Group) agreed to form a partnership on design, procurement and construction management for the Amur Gas Processing Plant (GPP) near the town of Svobodny in the Amur Region. NIPIGAZ, acting as a contractor within the joint project, will provide working documentation, supply the equipment and materials, carry out construction and installation activities at the Amur GPP and transfer the plant to Gazprom Pererabotka Blagoveshchensk in a state of mechanical completion. Multi-component gas from the Irkutsk and Yakutia gas production centers being built by Gazprom within the Eastern Gas Program will be delivered to the plant via the Power of Siberia gas pipeline. The GPP will produce ready for sale methane, ethane, propane, butane, pentane-hexane fraction and helium. Cutting-edge engineering solutions will be applied in the construction, allowing to mitigate the environmental impact of the plant.
Gazprom Reregisters as Public Joint Stock Company
Jul 20 15
Open Joint Stock Company Gazprom is changing its incorporation to a public joint stock company (PJSC) from an open joint stock company (OJSC) currently. Shareholders approved a new edition of the charter, identifying the gas giant as PJSC Gazprom in line with changes to Russia's Civil Code, on June 26.
Gazprom Announces Restructuring of Financial Unit; Announces Management Changes
Jul 16 15
Gazprom announced that Alexander Ivannikov is appointed Head of Department 816 responsible for financial and economic policy of the company.
The company also set up Department 839 to be headed by Alexander Dushko. The restructuring is aimed at further improving the efficiency of the financial unit and introducing centralized management of Gazprom Group’s cash flows to subsequently involve all the subsidiary companies based in Russia and abroad.
Gazprom Announces Management Changes
Jul 16 15
Gazprom said Chief Financial Officer Andrei Kruglov would be replaced by his deputy, Alexander Ivannikov. Kruglov, who has served as CFO since 2004, will remain deputy chief executive of Gazprom. He will supervise the entire financial division, where two new departments were set up to be headed by Kruglov's former deputies, Natalya Borisenko and Alexander Dushko.