Gazprom’s Board to discuss long-term gas export diversification on May 19th
On May 19th the Board of Directors of Gazprom will consider the issue of the long-term export diversification and the company’s competitiveness.
After the decision to shut down works on South Stream due to the disapproval of the European regulators, Gazprom announced of a new strategy in the European market which, in particular, is based on the refusal from investment into the European gas transportation infrastructure. Gazprom started to construct Power of Siberia to China, the supplies are planned to start in 2019.
The agenda also comprises the issue of holding the annual meeting of shareholders, approval of its agenda, distribution of net profit on the results of 2015 and recommendations on the volume of dividends.
Previously Bloomberg reported that Gazprom had asked the Government to be allowed to direct less than 50% of net profit under IAS for dividends. It explained it by the fact of a possible purchase of shares from VEB. A representative of the Ministry of Economic Development said that the agency hadn’t received such a letter from Gazprom.