He believes the consolidation of Gazprom oil assets within one company will promote the transparency of money flow and management efficiency in the sphere of liquid hydrocarbons.
Dmitry Medvedev reported that Gazprom would concentrate on the extraction of oil and gas condensate as well as their transportation and storage.
"The extraction of liquid hydrocarbons is Gazprom's key business in light of the current development of oil-and-gas and oil fields alongside gas and gas-condensate deposits," noted Medvedev.
The Gazprom board of directors agreed this Friday on the establishment of the Gazpromneft Co. Ltd.--this new subsidiary is to be the concern's 100 percent asset.
Gazpromneft will come to life as Gazprom has entered the second stage of reforms providing for the consolidation of Gazprom key businesses into independent legal entities.
Gazprom extracted 11 million tons of oil and gas condensate in 2003, forecasting the production of 11.8 million tons of liquid hydrocarbons in 2004.
