Gazprom-AR2014

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Performance Results 77 Marketing Far abroad gas markets Gazprom Group’s sales of natural gas to far abroad countries Sales, bcm Average selling price (net of customs duties), RUB per mcm Sales revenue (net of customs duties), RUB bn 2012 151.0 10,104.4 1,525.4 2013 174.3 9,680.1 1,687.3 2014 159.4 11,299.3 1,801.2 In 2014, the Group’s revenue from sales of natural gas (net of customs duties) to far abroad countries grew to RUB 1,801.2bn (a 6.8% increase y-o-y), with a 8.5% decrease in the total sales volumes y-o-y (down to 159.4 bcm). In 2014 and 2013, Gazprom Group’s natural gas sales to far abroad countries represented approximately 38% of the total natural gas sold and 60% and 59% of the gas sales revenue for the indicated periods, respectively. Gazprom Group’s gas sales to far abroad countries, bcm Norway 3.5 3.1 Ireland 0.5 0.2 16.6 15.5 United Kingdom 2.9 4.7 41.0 40.3 0.3 0.4 Denmark Sweden Finland Estonia Netherlands Latvia Belgium 12.9 9.1 Russia Lithuania Russia Germany 7.9 Belarus 5.5 4.4 Spain 8.6 7.6 0.5 0.4 0.8 France 0.4 0.3 Switzerland 5.2 Czech Republic 4.2 Poland 25.3 21.7 Austria Slovenia Slovakia 6.0 5.4 Ukraine 1.2 6.6 0.2 0.6 Croatia 0.2 0.2 Bosnia and Herzegovina Hungary 2.0 1.5 Moldova 1.4 0.5 26.7 27.3 Romania Other sales Italy Serbia Albania 0.1 0.0* Macedonia 2.9 2.8 Bulgaria 2.6 1.7 Greece Turkey Gas sales in 2013 Gas sales in 2014 * less than 0.05 OAO Gazprom Annual Report 2014
78 Performance Results European gas market OAO Gazprom is the only supplier of Russian natural gas to Europe. In 2014, OAO Gazprom’s natural gas supplies to the European market under long-term contracts totalled 146.6 bcm of gas, i.e. a 14.9 bcm (9.2%) decrease y-o-y. European gas consumption decreased to a greater extent than OAO Gazprom’s export to the european countries. As a result, The Company’s share in the European consumption, including Turkey, amounted to 30.2%, in line with the previous year. Share of OAO Gazprom gas supplies in European gas consumption in 2011–2014, % 2011 26.9 2012 25.4 2013 29.9 2014 30.2 Note. Figures for 2013 and previous years may differ from the respective figures in the Annual Report for 2013 due to the adjustment of international statistics. i Detailed information is presented in the “Trends and Developments on Oil and Gas Markets” section Declining oil prices on the global market affected export prices for Russian natural gas in 2014 owing to the specifics of gas pricing which uses reference periods (usually nine months) in indexation formulas for oil-pegged contracts. In 2014, the weighted average price of natural gas exported by OAO Gazprom to far abroad countries was USD 345.37 per mcm, which is USD 37.19 lower than in 2013 (down 9.7% y-o-y).* In the context of significant changes in the pricing principles in the European gas market and the development of liquid gas trading hubs, Gazprom Group believes that contracts which are subject to oil product indexation are still relevant. In the current situation, oil products act as a versatile deflator in the gas formula, as they do not allow gas prices to highly exceed prices for other raw materials. At the same time, the Company continues to work towards increasing the efficiency of Russian gas exports, exercising flexibility in relations with its partners. In 2014, Gazprom Group’s subsidiaries sold 3.4 bcm of gas directly to end consumers in the UK, Ireland, France, and the Netherlands. The Group’s affiliates supplied gas to end consumers in Bulgaria, Germany, Italy, Romania, Serbia, Slovakia, Turkey, the Czech Republic, and Finland. LNG sales In 2014, LNG sales rose significantly against 2013, with 52 LNG shipments of 3.4 mm tonnes (4.5 bcm) during the year, against 24 shipments of 1.5 mm tonnes (2 bcm) during the previous year. The Group’s LNG portfolio growth was mainly the result of increased third-party procurements. LNG sales by Gazprom Group, 2011–2014 2011 2012 2013 2014 Sales, mm BTU 109,586,827 68,655,609 72,108,261 159,646,919 including LNG from Sakhalin II project 45,833,636 29,575,454 29,726,254 53,075,050 Sales, mm tonnes 2.3 1.44 1.51 3.35 Sales, bcm 3.07 1.92 2.02 4.47 * In 2014 the weighted average price for 2013 was recalculated due to revised contracts conditions came into effect. OAO Gazprom Annual Report 2014
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OAO Gazprom Annual Report 2014 The
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Contents 4 Statement of OAO Gazprom
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4 Statement of OAO Gazprom’s Chai
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6 Major results Gazprom Group Resul
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8 Company Information OAO Gazprom
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10 Company Information OAO Gazprom
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12 Company Information Track Record
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14 Company Information Gazprom Grou
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16 Company Information Operations a
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18 Business Development Prospects S
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20 Business Development Prospects G
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22 Business Development Prospects E
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24 Business Development Prospects T
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
Page 75 and 76: 74 Performance Results OAO Mezhregi
Page 77: 76 Performance Results Major invest
Page 81 and 82: 80 Performance Results In accordanc
Page 83 and 84: 82 Performance Results Oil and gas
Page 85 and 86: 84 Performance Results Sales of ref
Page 87 and 88: 86 Innovations In 2014, the budget
Page 89 and 90: 88 Innovations — produced a techn
Page 91 and 92: 90 Innovations 14 meetings of coord
Page 93 and 94: 92 Environment and Social Responsib
Page 101 and 102: 100 Environment and Social Responsi
Page 111 and 112: 110 Corporate Governance OAO Gazpro
Page 113 and 114: 112 Corporate Governance Corporate
Page 115 and 116: 114 Corporate Governance Summary of
Page 117 and 118: 116 Corporate Governance Remunerati
Page 119 and 120: 118 Corporate Governance In additio
Page 121 and 122: 120 Corporate Governance Liability
Page 123 and 124: 122 Corporate Governance Audit Comm
Page 125 and 126: 124 Corporate Governance The intern
Page 127 and 128: 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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www.gazprom.com
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Gazprom-AR2014

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