GAZPROM'S NEWBORN REGISTERED IN ST.PETERSBURG

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MOSCOW, November 3 (RIA Novosti) - Gazprom's new subsidiary, OOO Gazpromneft, has been registered in St.Petersburg.

State registration of the OOO Gazpromneft has just been held, the Gazprom press service reports. According to the documents of association, the new subsidiary is located in St.Petersburg.

Gazprom board chairman Alexei Miller has inked the founder's decision. Rosneft boss Bogdanchikov has been appointed Gazpromneft's general director.

On October 29 of this year, the board of directors of Gazprom coordinated the establishment of its new 100-percent subsidiary. Gazpromneft is created within the second stage of the reform of Gazprom, which intends the consolidation in independent legal persons of Gazprom's kinds of business.

Gazpromneft will focus on the production of oil and gas condensate, their transportation and storage.

In 2003 Gazprom produced 11 million tonnes of oil and gas condensate. In 2004 the production of liquid hydrocarbons is expected to come up to 11.8 million tonnes.

Earlier, Dmitri Medvedev, chairman of the Gazprom board of directors, told RIA Novosti that the birth of Gazpromneft would enhance the efficiency of Gazprom as a vertically integrated company.

"The goal pursued in establishing the OOO Gazpromneft is the enhancement of the OAO Gazprom efficiency as a vertically integrated company and optimisation of the management of its basic activities", he said.

According to Medvedev, consolidation of the Gazprom oil assets within one company will make financial flows more transparent and management more efficient in the sphere of production of liquid hydrocarbons.

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