Open Joint Stock Company Gazprom

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een put on stream at the Astrakhanskoye natural gas condensate field; both units have beencommissioned at the Neocom deposit of the Yamburgskoye gas condensate field and a combined gasprocessing plant has been put into operation at the Yubileynoye field. In 2001, total production of gasfrom these fields amounted to 100.4 bcm. In addition, 22 booster compressor stations with total installedcapacity of 1,343 megawatts commenced operation between 1996 and 2001, and 1,038 operating wellswere brought on stream.Infrastructure is being developed at the Zapolyarnoye field. This field commenced commercialproduction in the third quarter of 2001, after a gas treatment plant ("GTP") had been placed in operationwhich allowed 7.1 bcm of gas to be delivered during the remainder of 2001. By the end of 2002 it isanticipated that this GTP will reach its full operating capacity of 35 bcm per annum. For the 6 monthperiod ended 30 June 2002 gas production was 15.8 bcm.By the end of 2005, once the planned second and third of GTP are commissioned, gasproduction is expected to rise to 100 bcm per annum. Gazprom believes that this peak rate of gasproduction can be sustained for a 12 year period. Gazprom believes that by bringing the Zapolyarnoyefield on stream will compensate for the declining production in mature fields such as Urengoyskoye andthe overall decrease in natural gas production in Western Siberia.Gazprom intends to maintain an average annual production level of 530 bcm between the years2003 and 2010. In order to maintain such average annual production levels. Gazprom has determinedthat the gas and gas condensate fields of both the Yamal Peninsula and the Karskoye Sea shelf needto have commenced production in addition to the anticipated production levels at developed fields withexisting infrastructure in the years 2007 to 2010.Gas CondensateGazprom's gas condensate production in 2001 amounted to 9.5 million tonnes (compared to 9.3million tonnes in 2000). 91.1% of such gas condensate was produced from the Urengoiskoye,Astrakhanskoye and Yamburgskoye fields. Gazprom intends to increase condensate production,particularly in the Yamburgskoye and Astrakhanskoye fields and bring on stream the En-Yahinskoye fieldduring 2003.The table below illustrates gas condensate production from Gazprom's major fields for theperiods indicated:Year Ended 31 December6 monthperiodended30 June1999 2000 2001 2002(thousand (thousand (thousand (thousandtonnes) tonnes) tonnes) tonnes)Urengoiskoye 3,772.7 3,516.5 3,635.6 1,745.4Yamburgskoye 1,554.5 1,519.3 1,335.7 761.8Astrahanskoye 3,046.9 3,413.4 3,670.5 1,860.3Others 799.5 846.0 840.2 422.1Total 9,173.6 9,295.2 9,482.0 4,789.6Source: Gazprom.The production of gas condensate has increased over recent years as new gas condensate fieldshave been brought on stream.OilIn 2001, Gazprom produced approximately 704.4 thousand tonnes of oil (compared to 719.0thousand tonnes in 2000) from the perimeters of its two main gas condensate fields, namelyUrengoyskoye and Orenburgskoye.42
The table below illustrates oil production in Gazprom's major fields for the periods indicated:Year Ended 31 December6 monthperiodended30 June1999 2000 2001 2002(thousand (thousand (thousand (thousandtonnes) tonnes) tonnes) tonnes)Urengoyskoye 543.1 512.0 508.3 254.4Orenburgskoye 173.4 205.5 192.6 94.2Others – 1.5 3.5 –Total 716.5 719.0 704.4 348.6Source: Gazprom.Gas and Gas Condensate ProcessingGazprom operates six natural gas and gas condensate refineries which remove hazardous andcorrosive substances from natural gas and gas condensate, thoroughly dry the natural gas and prepareit for transportation. The stabilisation of gas condensate results in liquefied gases and a broad range ofoil products.Natural gas and gas condensate refineries are sophisticated, state of the art plants that combinechemical facilities with petroleum refining facilities. Some plants have implemented unique technologiesfor treating natural gas with a high sulphur content (the Astrakhan plant treats natural gas with hydrogensulphide and carbon dioxide content reaching 40%), and produce odorants, technical carbon andgaseous and liquid helium. All such plants are directly linked to respective gas condensate fields andconstitute single technologically-related complexes.Astrakhan Gas Refinery. This is a refinery for the processing of natural gas with a high sulphurcontent and gas condensate extracted from the Astrakhan gas condensate field. The plant comprisestwo lines, each having an annual capacity of 6 bcm of refined natural gas. The refinery's productsinclude:• dry market-grade natural gas which is fed into trunk pipelines;• natural gas-derived sulphur;• motor gasoline;• diesel;• residual fuel oil;• industrial-grade propane/butane mixture; and• stabilised gas condensate.Orenburg Gas Refinery. One of the world's largest refineries, it processes natural gas with a highsulphur content and gas condensed hydrocarbons. The refinery's products include:• dry market-grade natural gas;• stabilised gas condensate;• liquefied natural gas;• multi-component hydrocarbon distillate (MHD);• natural gas-derived sulphur; and• odorants.43
Page 1: OFFERING CIRCULARJOINT-STOCKCOMPANY
Page 4 and 5: classifications and methodologies,
Page 6 and 7: INVESTMENT CONSIDERATIONSAn investm
Page 8 and 9: Relationship with the GovernmentThe
Page 10 and 11: elation to its assets and operation
Page 12 and 13: Ethnic and religious differences in
Page 14 and 15: TRANSACTION SUMMARYThe transaction
Page 16 and 17: SELECTED FINANCIAL INFORMATIONThe s
Page 18 and 19: CAPITALISATIONThe following table s
Page 20 and 21: OAO GAZPROMPrivatisation and Format
Page 22 and 23: Gazprom Shares. The Presidential De
Page 24 and 25: Gazprom's main subsidiaries were, a
Page 26 and 27: Management StructureIn accordance w
Page 28 and 29: The current membership of Gazprom's
Page 30 and 31: 1999 2000 2001(mtoe, except for per
Page 32 and 33: Central and Eastern EuropeGazprom e
Page 34 and 35: U.S.$43 million and from those cust
Page 36 and 37: Country% OFEUROPEANNATURALGAS SUPPL
Page 38 and 39: As at 31 December 2000, proved and
Page 40 and 41: The following table sets out, as at
Page 44 and 45: Orenburg Helium Plant. This is Russ
Page 46 and 47: The following table sets forth some
Page 48 and 49: Gazprom provides the independent su
Page 50 and 51: INTERNATIONAL PROJECTS AND ALLIANCE
Page 52 and 53: major natural gas distributor in ea
Page 54 and 55: Other foreign associate undertaking
Page 56 and 57: Gazprom has developed and continues
Page 58 and 59: LOAN AGREEMENTThe following is the
Page 60 and 61: "Notes" means the U.S.$500,000,000
Page 62 and 63: "Subsidiary" means, with respect to
Page 64 and 65: 5 Repayment and Prepayment5.1 Repay
Page 66 and 67: the amount of any such payment and
Page 68 and 69: necessary to compensate the Bank fo
Page 70 and 71: 9.1.15 In any proceedings taken in
Page 72 and 73: 10.6 Payment of Taxes and Other Cla
Page 74 and 75: ankruptcy law, or (iii) a bankruptc
Page 76 and 77: execution of this Agreement and all
Page 78 and 79: 14.8 Contracts (Rights of Third Par
Page 80 and 81: TERMS AND CONDITIONS OF THE NOTESTh
Page 82 and 83: Under the Trust Deed, the obligatio
Page 84 and 85: Payments of interest shall be made
Page 86 and 87: The Trustee may agree, without the
Page 88 and 89: SUMMARY OF PROVISIONS RELATING TO T
Page 90 and 91: circumstances, if the disposal proc
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SALOMON BROTHERS AGThe Bank is lice
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GENERAL INFORMATION1. The Notes rep
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force is being formed to gradually
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to address these pressures. First,
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Balance of PaymentsThe following ta
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understanding that it would serve a
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GeneralAPPENDIX B - PART 1 - OVERVI
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most important recent piece of legi
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integrated objects managed on a cen
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• price regulation - setting pric
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APPENDIX B — PART II — EXTRACT
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APPENDIX C - GLOSSARY OF TERMS"Acco
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"State Gas Concern Gazprom"the Stat
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OAO GAZPROMIAS CONSOLIDATED FINANCI
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OAO GAZPROMIAS CONSOLIDATED BALANCE
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OAO GAZPROMIAS CONSOLIDATED STATEME
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OAO GAZPROMNOTES TO THE IAS CONSOLI
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PRlCEWATERHOUSECOOPERSZAO Pricewate
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OAO GAZPROMINVESTOR RELATIONSThe Co
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LEGAL ADVISERSTo the CompanyAs to R
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