Effective Strategy for Growth 2012 Annual Report

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Effective Strategy for Growth 2012 Annual Report JSC GAZPROMJSC NEFT EFFECTIVE STRATEGY FOR GROWTH JSC GAZPROM NEFT Russian Federation, 190000, St. Petersburg, Ul. Pochtamtskaya, 3-5 Tel.: +7 (812) 363-31-52 Tel.: 8 (800) 700-31-52 (free call in Russia) www.gazprom-neſt.ru ANNUAL REPORT 2012 2012 ANNUAL REPORT Gazprom Neft Group 2012 aNNUAL report Contents 50 128 Key Performance Indicators ����������������������������������������������������2 Innovation ������������������������������������������������������������������������������������ 94 Innovation in Exploration & Production ��������������������������������������������������� 95 Addresses ��������������������������������������������������������������������������������������������4 Innovation in Petroleum Refining & Petrochemical processing �����������������������������������������������������������������������101 Key Events ��������������������������������������������������������������������������������������8 Investment Activities ������������������������������������������������������������102 Company Profile ������������������������������������������������������������������������ 12 Mission ������������������������������������������������������������������������������������������������������������������� 12 Management’s Discussion and Analysis ����������������������� 104 Company History ����������������������������������������������������������������������������������������������� 13 Definitions and Conversions �����������������������������������������������������������������������104 Gazprom Neft Structure ���������������������������������������������������������������������������������� 16 Key Financial and Operating Data �����������������������������������������������������������105 Business Model ��������������������������������������������������������������������������������������������������� 18 Review of Operational Performance �������������������������������������������������������106 Gazprom Neft Group’s Operating Geography ���������������������������������������� 20 Results of Operations ������������������������������������������������������������������������������������112 Competitive Position ���������������������������������������������������������������������������������������� 22 Financial Appendix ������������������������������������������������������������������������������������������119 Development Strategy and Implementation ����������������� 24 Key Risk Factors ����������������������������������������������������������������������120 Integrated Risk Management System ����������������������������������������������������120 Performance by Segment ����������������������������������������������������� 50 Industry Risks ����������������������������������������������������������������������������������������������������123 Exploration & Production of Crude Oil & Gas ���������������������������������������� 50 Country & Regional Risks �����������������������������������������������������������������������������125 Reserves �����������������������������������������������������������������������������������������������������������������������������������������������51 Environmental Risks ���������������������������������������������������������������������������������������125 Geological Surveying for Exploration Purposes �����������������������������������������������������52 Financial Risks ��������������������������������������������������������������������������������������������������126 Licensing ���������������������������������������������������������������������������������������������������������������������������������������������54 Legal Risks ���������������������������������������������������������������������������������������������������������127 Hydrocarbon Production ����������������������������������������������������������������������������������������������������������56 International Projects �����������������������������������������������������������������������������������������������������������������64 Sustainability Data ����������������������������������������������������������������128 Oil Refining ����������������������������������������������������������������������������������������������������������� 69 Safe Development: Occupational Sales of Petroleum Products ������������������������������������������������������������������������� 77 and Environmental Safety ���������������������������������������������������������������������������129 Filling Station Chain ��������������������������������������������������������������������������������������������������������������������77 Energy Consumption and Efficiency ������������������������������������������������������134 Commodity Exchange Sales of Petroleum Products �����������������������������������������81 Human Resource Development ������������������������������������������������������������������137 Exports of Crude Oil & Petroleum Products �������������������������������������������������������������82 Internal Communications �����������������������������������������������������������������������������140 Premium Business Segments ����������������������������������������������������������������������� 85 Regional Policy and Local Community Development ������������������������142 Ship Bunkering ��������������������������������������������������������������������������������������������������������������������������������86 Aircraft Refueling ��������������������������������������������������������������������������������������������������������������������������88 Public and Goverment Relations (PR and GR) �������������146 Production and Sale of Motor Oils ����������������������������������������������������������������������������������90 Gazprom Neft's Information Policy and Interaction Bitumen Materials and Coke �����������������������������������������������������������������������������������������������92 with Government ��������������������������������������������������������������������������������������������146 Petrochemical Industry �������������������������������������������������������������������������������������������������������������93 Gazprom Neft Group 2012 aNNUAL report Corporate Governance����������������������������������������������������������150 Interaction with Investors and Equity Capital ������������170 Fundamental Principles of Corporate Governance ���������������������������151 Composition of Shareholders and Authorized Management and Control Bodies �������������������������������������������������������������152 Capital Structure ����������������������������������������������������������������������������������������������171 General Meeting of Shareholders �������������������������������������������������������������153 Trading of Shares ��������������������������������������������������������������������������������������������171 Board of Directors �������������������������������������������������������������������������������������������155 Dividend History �����������������������������������������������������������������������������������������������172 Information about Changes in the Composition Participation in the Depositary Receipt Program ������������������������������173 of the Company’s Board of Directors Engagement with Shareholders and Investors �����������������������������������174 During the Reporting Year ��������������������������������������������������������������������������������������������������158 Activities of the OJSC Gazprom Neft Board of Directors in 2012�������158 Debt Portfolio Management & Credit Ratings �����������176 Committees of the Company’s Board of Directors ����������������������������159 Basic Principles of Debt Portfolio Management ��������������������������������177 The Audit Committee of the OJSC Gazprom Neft Fulfillment of the Main Loan Contract Covenants �����������������������������178 Board of Directors ��������������������������������������������������������������������������������������������������������������������������159 Possible Debt Financing Tools in 2013 ���������������������������������������������������178 The Human Resources and Compensation Committee Credit Ratings ���������������������������������������������������������������������������������������������������178 of the OJSC Gazprom Neft Board of Directors ��������������������������������������������������160 Bonds in Circulation ����������������������������������������������������������������������������������������179 Management Board ����������������������������������������������������������������������������������������161 Information about Changes in the Composition Annexes���������������������������������������������������������������������������������������180 of the Company’s Management Board Large & Related-party Transactions �������������������������������������������������������180 During the Reporting Year ��������������������������������������������������������������������������������������������������165 Work Carried out by the OJSC Gazprom Neft Addresses & Contacts ����������������������������������������������������������192 Management Board in 2012 ��������������������������������������������������������������������������������������������166 Total Compensation to Members of the Board of Directors Disclaimer ����������������������������������������������������������������������������������193 and Members of the Management Board �������������������������������������������������������������166 Internal Audit Department ���������������������������������������������������������������������������167
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