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Oao “Gazprom” Mission

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Oao “Gazprom” Mission OAO “GAZPROM” MISSION OAO “Gazprom” mission is to ensure an efficient and balanced gas supply to consumers in the Russian Federation and fulfill its long-term contracts on gas export at a high level of reliability. OAO “GAZPROM” STRATEGIC GOAL OAO “Gazprom” strategic goal is to establish itself as a leader among global energy companies by entering new markets, diversifying its activities, and ensuring reliable supplies. ANNUAL REPORT 2006 2 ANNUAL REPORT 2006 TABLE OF CONTENTS Major Operating Results ..........................................................................................................5 Production and Financial Results..........................................................................................5 OAO “Gazprom” financial ratios and market indicators ........................................................6 Address by the Chairman of the Board of Directors and the Chairman of the Management Committee to the Shareholders of OAO “Gazprom” ..................................................................................9 Gas Markets Development and Energy Safety ......................................................................10 Development of Russian Natural Gas Market......................................................................10 Development of Trade Relationships and Pricing Policy in CIS Countries and in Baltic states ..................................................................................11 Cooperation with Central Asian Countries ..........................................................................12 Gazprom’s Role in strengthening the Energy Security System ..........................................13 OAO “Gazprom” Board of Directors and Management Committee........................................14 Board of Directors ..............................................................................................................14 Board of Directors’ Report on OAO “Gazprom” Development in Priority Areas of Operation ....................................................................18 Committees of the Board of Directors ............................................................................20 Management Committee ....................................................................................................21 Total Compensation to the Members of the Board of Directors, the Members of the Management Committee and the Chairman of the Management Committee of OAO “Gazprom” ..............................26 Major Operational Results by Types of Activities ..................................................................27 Exploration and Production ................................................................................................27 Increase in Reserves........................................................................................................27 Acquisition and Asset swaps ..........................................................................................31 Production ......................................................................................................................31 Gas Production Strategy ..................................................................................................32 Oil Business Strategy ......................................................................................................35 Foreign Projects ..............................................................................................................35 Transportation and Storage ................................................................................................37 Gas Transportation System..............................................................................................37 Gas Transportation System Reconstruction, Repair and Maintenance ............................39 Underground Storage ......................................................................................................39 Gas Transportation System Development........................................................................40 Refining ..............................................................................................................................42 Gas Refining ....................................................................................................................42 Oil Refining ......................................................................................................................43 Gas and Oil Chemistry ....................................................................................................44 Marketing and Sales............................................................................................................45 Russian Natural Gas Market ............................................................................................45 Foreign Natural Gas Markets............................................................................................47 Sales of Oil, Gas Condensate, and Refinery Products ....................................................53 Diversification ....................................................................................................................55 Diversification of Routes. Nord Stream............................................................................55 Diversification of Markets. Asian and Pacific Region ......................................................55 Diversification of Products. Liquefied Natural Gas ..........................................................57 Diversification of Operation Areas. Power Industry ........................................................58 Environmental Measures, Energy Saving, and Research and Development ..........................61 Environmental Measures ....................................................................................................61 Energy Saving ....................................................................................................................61 3 ANNUAL REPORT 2006 Research and Development ................................................................................................62 Social Policy ..........................................................................................................................63 Personnel and Labor Safety................................................................................................63 Sponsorship and Charity ....................................................................................................64 Information for Shareholders and Investors ..........................................................................66 Share Capital ......................................................................................................................66 Share Market and Capitalization..........................................................................................66 Dividends ............................................................................................................................69 Corporate Governance ........................................................................................................70 Credit Ratings and Debt Portfolio Management..................................................................73 Major Transactions and Interested Party Transactions ......................................................74 Major Risk Factors ..............................................................................................................74 Glossary of Basic Terms and Abbreviations ..........................................................................79 Annex ....................................................................................................................................84 List of Interested Party Transactions Approved by OAO “Gazprom” Control Bodies in 2006........................................................84 Information About Transactions with OAO “Gazprom” Shares Carried Out by Members of OAO “Gazprom” Board of Directors and Management Committee in 2006 ..............................................................................128 Addresses and contacts ......................................................................................................130 Notes The term OAO «Gazprom» used in the Annual Report refers to the head company of Gazprom Group, i.e. to Open Joint Stock Company «Gazprom». The Gazprom Group, the Group or Gazprom imply OAO «Gazprom» and its subsidiaries taken as a whole. Similarly, the Gazprom Neft Group and Gazprom Neft refer to OAO «Gazprom Neft» (former OAO «Sibneft») and its subsidiaries, Gazprom Export refers to OOO «Gazprom Export» (former OOO «Gazexport») and its subsidiaries, and Sibur Holding refers to OAO «Sibur Holding» and its subsidiaries. The Annual Report also contains information related to Gazprom Group’s business activities in the future, which is based on the forecast and estimates of Gazprom’s management derived from the current situa- tion. Due to the effect of various objective factors, actual results may differ from the said forecast and esti- mates. In the report Gazprom’s operating results are stated in compliance with the principles for preparing Gazprom Group’s consolidated accounting (financial) statements in accordance with the Russian legisla- tion (consolidated financial statements of Gazprom Group). At the same time some results of OAO “Gazprom” and its subsidiaries are stated in compliance with the principles for preparing
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