Gazprom board approves reorganization of subsidiaries

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MOSCOW, March 29 (RIA Novosti) - The board of directors of Russian energy giant Gazprom said Wednesday it had approved proposals on the reorganization of the company's subsidiaries.

"Implementing the restructuring program will help finalize the separation of financial flows in production, transportation, processing, underground storage, and marketing of natural gas, as well as liquid hydrocarbons," the company said in a press release.

Gazprom's subsidiaries will be reorganized as new companies by their specific areas of activity: Gazprompererabotka [gas processing], Gazpromseverpodzemremont [underground network maintenance, Gazprom north], Gazpromyugpodzemremont [underground network maintenance, Gazprom south] and Gazpromtransgaz-Kuban [gas transport, Kuban].

The board of directors also approved a plan to increase Gazprom's stake in Gazpromtrans company to 100%.

According to the natural gas giant, the reorganization program aims to enhance its performance as a vertically integrated company and optimize corporate management on the branch level.

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