Gazprom-AR2014

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Business Development Prospects 23 Integrated approach to GTS expansion Expansion of OAO Gazprom’s gas transportation capacities is planned in tandem and close coordination with the development of gas production and storage facilities, and will also take into account the degree of readiness to receive gas shown by new consumers, as well as export projects. Timelines for commissioning new and upgrading existing gas transportation facilities are scheduled with a long-term perspective and the following considerations: — their effective utilisation periods; — maintaining optimal throughput of the existing GTS. This approach helps prevent introducing excessive capacities, efficiently use the Company’s investments and optimise gas transportation costs. The Company makes efforts to diversify export routes for Russian gas to the European market. In 2014, existing plans were adjusted due to external factors. Withdrawal from the South Stream project In December 2014, the South Stream project in Bulgaria was virtually discontinued — after Bulgaria’s Bulgarian Energy Holding EAD, which had been authorised by the Government of Bulgaria to maintain collaboration on the project with OAO Gazprom, took a number of steps aimed at stopping the implementation of the project. In particular, it took steps to halt tender processes for the project; suspend the performance of the contract signed for the gas pipeline engineering, implementation, and construction; refrain from signing any other contracts related to the project implementation; and abstain from voting on the proposed increase in the authorised capital of South Stream Bulgaria AD, a joint venture set up specifically to implement the project. Moreover, Bulgarian Energy Holding EAD was reluctant to follow the corporate procedures required to secure decisions enabling further implementation of the project. The forced decision by Gazprom to stop the implementation of the South Stream project was caused by a number of negative external factors such as: — the European Commission’s pressure on the Bulgarian government and other participating countries to prevent construction for the project; — conflict between provisions of the EU’s Third Energy Package and the earlier bilateral intergovernmental agreements between Russia and the participating countries; — the Bulgarian government’s decision to stop all work on the onshore and offshore sections, which led to both the Bulgarian section and the project in general falling behind schedule. In December 2014, OAO Gazprom acquired minority stakes in South Stream Transport B. V., the company responsible for the project’s offshore section, and became the owner of 100% of its shares. Construction of Turkish Stream, a new Black Sea offshore pipeline, will ensure Russian gas supplies in the amounts adequate to the rated capacity of the South Stream and fully utilise Russian gas transportation facilities that are currently under construction and were meant for the South Stream project. Decision on a new pipeline to Turkey In December 2014, OAO Gazprom and Botas of Turkey signed in Ankara a Memorandum of Understanding on the construction of a new Black Sea offshore pipeline to Turkey. The project is an alternative to the previously contemplated South Stream project. The annual capacity of the new pipeline’s four offshore section lines will be 63 bcm, of which up to 47 bcm are planned to be supplied to the Turkish/Greek border, and the remainder — to Turkish consumers. OAO Gazprom Annual Report 2014
24 Business Development Prospects To ensure the required resources for gas transportation through the Turkish Stream, projects are underway for UGSS expansion to insure gas supply to the South Stream and rehabilitation of the Petrovsk — Pisarevka section of the Urengoy — Novopskov pipeline. OAO Gazprom is also currently considering enhancement of the Blue Stream capacity. In addition, the Comprehensive Programme for Upgrading and Technical Re-equipment of Gas Transportation Facilities for 2011–2015 is currently being implemented in Russia with a focus on: — ensuring the planned gas transportation volumes; — ensuring the reliability of gas transport and supplies to consumers at all levels; — ensuring industrial and environmental safety of gas transportation facilities; — improving the economic efficiency of gas transportation, including resource and energy savings; To process the projected volumes of liquid hydrocarbons extracted during natural gas production at gas condensate fields in Western Siberia, the Company plans a capacity expansion and upgrade project on the Urengoy Condensate Pre-Transportation Preparation Plant by bringing output up to the rated capacity, construction of achimovsk deposit condensate and oil treatment and transportation facilities, completion of the construction of uncompleted sections of the Urengoy — Surgut gas condensate pipeline, and upgrade and re-equipment of the Surgut Condensate Stabilisation Plant. OAO Gazprom, under project financing arrangements, continues to implement a project to construct a gas chemical complex near Novy Urengoy, with gases recovered from de-ethanized gas condensate at the Urengoy Condensate Pre-Transportation Preparation Plant used as a key feedstock. There are ongoing initiatives to improve the quality of products (construction of a pentane-hexane fraction isomerization plant at the Surgut Condensate Stabilisation Plant, refurbishment of the motor fuel production facilities at the Astrakhan GPP to bring sulphur content down to Euro 4 and Euro 5 standards). In line with the OAO Gazprom’s policy of LNG market development and diversification of natural gas export supplies, the Company is implementing the Baltic LNG project, an LNG plant in the Leningrad Region. Target markets include the Atlantic region, including European countries not covered by Russian pipeline gas supplies (Spain, Portugal), Latin America, Middle East, India. Also, part of LNG volumes may be delivered to European bunker fuel market. Eastward development of gas business — — Goals Satisfy consumer needs in Russian Eastern regions. Grow the share of North East Asia markets up to 10–15%. Eastward development of the gas business is the Company’s promising area of development for decades to come. The State Eastern Gas Programme, coordinated by OAO Gazprom, is a key document to guide the gas industry development in Eastern Siberia and the Russian Far East. The Eastern Gas Programme provides for the gas production centres and a unified gas transportation system to be developed in parallel with the construction of gas processing and gas chemical plants, including helium and LNG plants. The natural resources in the East of Russia are rich enough to support new large gas and oil production centres covering both long-term internal demand from Russia’s eastern regions and exports to the Asia-Pacific countries, primarily to China. OAO Gazprom Annual Report 2014
Page 1 and 2: OAO Gazprom Annual Report 2014 The
Page 3 and 4: Contents 4 Statement of OAO Gazprom
Page 5 and 6: 4 Statement of OAO Gazprom’s Chai
Page 7 and 8: 6 Major results Gazprom Group Resul
Page 9 and 10: 8 Company Information OAO Gazprom
Page 11 and 12: 10 Company Information OAO Gazprom
Page 13 and 14: 12 Company Information Track Record
Page 15 and 16: 14 Company Information Gazprom Grou
Page 17 and 18: 16 Company Information Operations a
Page 19 and 20: 18 Business Development Prospects S
Page 21 and 22: 20 Business Development Prospects G
Page 23: 22 Business Development Prospects E
Page 27 and 28: 26 Business Development Prospects E
Page 29 and 30: 28 Business Development Prospects P
Page 31 and 32: 30 Business Development Prospects U
Page 33 and 34: 32 Business Development Prospects S
Page 35 and 36: 34 Board of Directors and Managemen
Page 43 and 44: 42 Board of Directors’ Report on
Page 49 and 50: 48 Trends and Developments on Oil a
Page 55 and 56: 54 Performance Results Exploration
Page 57 and 58: 56 Performance Results Distribution
Page 59 and 60: 58 Performance Results Distribution
Page 61 and 62: 60 Performance Results The company
Page 63 and 64: 62 Performance Results Hydrocarbon
Page 65 and 66: 64 Performance Results Transportati
Page 67 and 68: 66 Performance Results Gas transpor
Page 69 and 70: 68 Performance Results Gas Infrastr
Page 71 and 72: 70 Performance Results Hydrocarbon
Page 73 and 74: 72 Performance Results Gazprom, on
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74 Performance Results OAO Mezhregi
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76 Performance Results Major invest
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78 Performance Results European gas
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80 Performance Results In accordanc
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82 Performance Results Oil and gas
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84 Performance Results Sales of ref
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86 Innovations In 2014, the budget
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88 Innovations — produced a techn
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90 Innovations 14 meetings of coord
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92 Environment and Social Responsib
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100 Environment and Social Responsi
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110 Corporate Governance OAO Gazpro
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112 Corporate Governance Corporate
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114 Corporate Governance Summary of
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116 Corporate Governance Remunerati
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118 Corporate Governance In additio
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120 Corporate Governance Liability
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122 Corporate Governance Audit Comm
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124 Corporate Governance The intern
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126 Corporate Governance Efficient
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128 Corporate Governance Stock Mark
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130 Corporate Governance Dividend P
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132 Risk Management Gazprom has con
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134 Risk Management Customs, curren
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136 Glossary ADR of OAO Gazprom APG
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138 Corporate Governance Units of M
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140 Additional information List of
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142 Additional information 11. Adde
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144 Additional information 27. Bank
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146 Additional information 45. Adde
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148 Additional information 59. Trad
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150 Additional information 68. Trad
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152 Additional information 84. Cont
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154 Additional information 96. Volu
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156 Additional information Inclusio
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158 Additional information Improvem
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160 Additional information These ef
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162 Addresses and Contact Details F
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Gazprom-AR2014

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