Gazprom: shareholders meeting without shareholders. Report by Alexey Miller, Chairman of the Gazprom Management Committee at the Annual General Meeting of Shareholders

"A company looking to the future"

Dear shareholders!

Detailed materials on PJSC Gazprom's activities in 2017 were presented to the Annual General Meeting: the annual report, accounting (financial) statements, the opinion of the Audit Commission and other materials.

The meeting of shareholders is proposed to approve:

the annual report of PJSC Gazprom for 2017;
the annual accounting (financial) statements of PJSC Gazprom for 2017;
distribution of profits, as well as the size, timing and form of dividend payments proposed by the Board of Directors based on the results of 2017.

The meeting also includes issues related to the approval of the auditor, payment of remuneration to members of the Board of Directors and members of the Audit Commission of the Company, and the election of members of the Board of Directors and the Audit Commission.

It is proposed to supplement the Regulation on General meeting shareholders of PJSC Gazprom by the regulation on the use of additional premises equipped for broadcasting the progress of the meeting, submitting questions and participating in debates.

Draft decisions on these issues are in the bulletins, additional information - in the materials you received.

Dear shareholders!

Gazprom is successfully implementing its strategy of leadership among global energy companies:

The Gazprom Group is the world leader in terms of natural gas reserves, the volume of its production and supplies to international market... The unified gas supply system operated and developed by Gazprom is unparalleled in scale and technical equipment.

We have created the largest electricity holding in Russia, which has become the leader in terms of installed capacity and the first in electricity production among Russian companies thermal generation.

We have brought our oil division - the company "" - into the top three oil industry countries and pioneered the development of the Russian Arctic shelf, providing year-round oil shipment along the Northern Sea Route.

Gazprom makes a significant contribution to the economy Russian Federation... The added value created by Gazprom in 2017 amounted to 3.4 trillion rubles, or almost 4% of Russia's GDP.

Gazprom is one of the key taxpayers in Russia. Payments to budgets different levels in 2017 reached 2.5 trillion rubles. More than 60% is the mineral extraction tax and customs payments. Gazprom provides over 8% of the consolidated budget revenues of the Russian Federation. Compared to the previous year, payments increased by 568 billion rubles.

While implementing large-scale strategic projects, Gazprom maintains a strong financial position. The sales revenue of the Gazprom Group is growing steadily. In 2017, it increased by 7% and reached 6 trillion 546 billion rubles.

Gazprom is firmly in the top five global oil and gas companies in terms of key financial indicators - net profit and EBITDA. At the end of 2017, they amount to $ 12 and 25 billion, respectively.

In 2017, we fully financed capital investments from operating cash flow. Excluding changes in the volume of bank deposits free cash flow Gazprom Group amounted to 24 billion rubles.

Gazprom is successfully raising capital at international financial markets... A balanced approach to the choice of financing sources provides the company with a low cost of attracting debt financing - an average of 5.6%.

The key indicator of the debt burden - the ratio of net debt to EBITDA - at the end of 2017 was 1.4. The high level of Gazprom's creditworthiness is confirmed by the assessments of the largest international rating agencies.

The company passes the peak of the investment program, implements whole line large-scale, forward-looking strategic projects. At the same time, taking into account the interests of shareholders, the Board of Directors decided not to reduce the achieved level of dividend payments. At the end of 2017, it is proposed to pay dividends in the amount of 8 rubles 4 kopecks per share. The total dividends will amount to RUB 190 billion, or 27% of the net profit attributable to shareholders of PJSC Gazprom. In terms of the amount of dividends, Gazprom is the leader among the oil and gas companies in Russia.

Dear shareholders!

Gazprom's ambitious projects for the development of production, transportation, and processing of hydrocarbons stimulate innovation in oil and gas industry, contribute to the development of Russian science. In 2017, we allocated 8.2 billion rubles for R&D and due diligence.

Gazprom occupies a leading position in the Russian fuel and energy complex in terms of import substitution. In 2017, 17 agreements of targeted cooperation with manufacturers of import-substituting products were signed and updated. The share of domestic material and technical resources in Gazprom's purchases in 2017 amounted to 99.4%. And for pipes and fittings - 100%. For its facilities, Gazprom purchases products of this category only from Russian manufacturers.

Gazprom makes a significant contribution to the development of the Russian pipe industry. Largely thanks to orders from Gazprom, the capacities of Russian pipe producers have grown from 2000 to the present day from 9 million tons to over 23 million tons per year. The share of high-tech products in the industry exceeds 60%. Fulfilling Gazprom's orders, Russian manufacturers pipes have reached the highest level of product quality, which allows them to compete in any segment of the world market.

For 25 years, Gazprom has been successfully increasing the resource base of the Russian gas industry. More than 80 deposits have been discovered since 1993. The increase in Gazprom's gas reserves due to geological exploration during this period amounted to 10.5 trillion cubic meters. m.

In 2017, as a result of geological exploration, Gazprom's reserves in Russia increased by 852.9 billion cubic meters. m, which is 96% of the all-Russian annual growth. The increase in liquid hydrocarbon reserves amounted to almost 100 million tons.

Today Gazprom is the world leader in proven hydrocarbon reserves. Our company's reserves are 1.5 times higher than the total reserves of the 5 largest public oil and gas companies in the world - ExxonMobil, PetroChina, BP, Shell and Chevron.

Since 2005, we have been consistently keeping the natural gas reserves replacement rate above one. In 2017, it was 1.82. The replacement factor for liquid hydrocarbon reserves is 1.64.

In 2017, gas production by Gazprom Group enterprises increased by 52 billion cubic meters compared to 2016. m or 12.4% and amounted to 471 billion cubic meters. m of natural gas.

Within a short historical period, the world's largest gas production complex was created on the territory of Russia through the efforts of Gazprom's teams. Its capacity exceeds 550 billion cubic meters. m per year. New gas production centers are being formed in the Far East and Eastern Siberia.

In the Arctic, we are developing the Yamal gas production center. Yamal gas is a resource base for the expansion of the Northern Gas Transportation Corridor - the main route for the supply of blue fuel to the Russian market and to European countries.

2017 marked the 5th anniversary of the commissioning of the Bovanenkovskoye field. It is of key importance for the development of the resources of the Yamal Peninsula. We increase production at the field every year. In 2017, the increase was 15.3 billion cubic meters. m. Peak productivity reached 264 million cubic meters. m per day. In 2017, the Bovanenkovskoye field produced 17.6% of the total production of the Gazprom Group.

The development of the Chayandinskoye field, the main field of the Yakutsk gas production center, is being intensively carried out. Gas from the field will be supplied to the Power of Siberia gas pipeline and for export next year.

On the basis of the Kovykta field, which is classified as unique in terms of gas reserves, Gazprom is forming the Irkutsk gas production center. The field is being prepared for commercial operation.

At the Sakhalin Center, we are developing unique methods of subsea field development. And to maintain high production levels in the Nadym-Pur-Taz region, we are improving the methods of gas production from the Senonian and Achimov deposits, including the use of advanced multi-stage hydraulic fracturing technologies.

In 2017, the production of liquid hydrocarbons by the Gazprom Group increased by almost 2 million tons compared to 2016 and amounted to 56.9 million tons. Oil production increased to 41 million tons.

In terms of the total production of hydrocarbons - gas, gas condensate and oil - Gazprom is the world leader, surpassing PetroChina and ExxonMobil by 2.6 times, Shell by 2.8 times, BP by almost 3 times.

Gazprom is adequately represented in the oil industry by our subsidiary"". The company demonstrates high efficiency, excellent production and financial results, develops innovative methods of hydrocarbon development. In 2017, "" strengthened its positions in the Russian oil industry and for the first time entered the top three leaders in the production of liquid hydrocarbons. Taking into account joint ventures and operations, by the end of 2017, Gazprom Neft's production amounted to 62.4 million tonnes.

The Gates of the Arctic oil loading terminal provided year-round shipment of produced oil. And today we are raising the flag on the mast of the new icebreaker, which will guide tankers through arctic ice... This is another step towards the development of Russian icebreaker fleet and ensuring the interests of Russia on the Northern Sea Route.

Gazprom's unique experience is being applied abroad as well. The Gazprom Group participates in foreign hydrocarbon production projects. The largest of them are being successfully implemented in Vietnam, Bolivia, and Iraq.

Dear shareholders!

Gazprom accounts for 50% of the total gas processing in Russia. The maximum extraction of valuable components from the extracted raw materials and the production of products with high added value are the priority tasks of the Gazprom Group in the field of hydrocarbon processing.

We associate the prospect of gas processing growth with the construction of the Amur gas processing plant, the largest in Russia, which will become the second largest in the world in terms of capacity.

One of the achievements of Gazprom over the past quarter century is impeccable work Unified system gas supply to the country. It is based on the world's largest gas transmission system, which has become a model for the efficiency and quality of gas infrastructure systems management.

Gazprom is also the owner and operator of gas transmission systems in Armenia, Belarus and Kyrgyzstan.

Gazprom's GTS is developing in two main directions. In the European part of Russia, we are expanding the Northern Gas Transportation Corridor. Its continuation outside of Russia is the cross-border gas pipelines Nord Stream and the future Nord Stream 2.

We have built the world's most modern gas pipelines with an operating pressure of 120 atmospheres - Bovanenkovo ​​- Ukhta, Bovanenkovo ​​- Ukhta - 2, and Ukhta - Torzhok. In 2017, compressor facilities were built on the Bovanenkovo ​​- Ukhta - 2 gas pipeline. Workshops with a total capacity of 371 MW will be commissioned this year. In 2018, the construction of the linear part of the Ukhta-Torzhok-2 gas pipeline will be completed.

In the east of the country, the construction of the Power of Siberia gas pipeline, which has become the largest investment project in the global gas industry, is in full swing.

In parallel with the development of the GTS, Gazprom is increasing the capacity and productivity of underground storage facilities. Compared to the 1993/1994 season, the potential maximum daily productivity of Gazprom's UGS facilities has increased 2.6 times. In 2017, a historic record was set for the potential daily storage capacity at the beginning of the withdrawal period - 805.3 million cubic meters. m.

The operational reserve of storage facilities has been doubled in 25 years. By the 2017/2018 heating season, a record volume of operational gas reserves in UGS facilities was ensured - 72.2 billion cubic meters. m. Compared to the 2015/2016 season, gas withdrawal from UGS facilities in Russia last winter increased by 1.6 times.

In 2017, Gazprom increased gas supplies to consumers in the Russian Federation to 229.9 billion cubic meters. m, which is 7% higher than in 2016. Gazprom - largest supplier natural gas for Russian market... The main gas buyers of the Gazprom Group are the population, utilities and power generating companies.

The Gazprom Group supplies a significant part of the gas consumed in the countries of the former Soviet Union... In 2017, it sold 1.8 billion cubic meters. m of gas more than in the previous year. The volume of supplies amounted to 35 billion cubic meters. m of gas.

The growth in natural gas supplies to the countries of the former Soviet Union in 2017 was the result of increased growth in gas consumption and withdrawal in Belarus and the Baltic countries, as well as the resumption of gas supplies to Azerbaijan.

Gazprom is doing large-scale work to ensure that every year tens of thousands of Russian families have the opportunity to use natural gas.

The Russian gasification program is a priority socially significant project of Gazprom. In 2017, the construction of 121 inter-settlement gas pipelines with a total length of 1,848 km was completed. Thanks to this, gas supply to 207 settlements was ensured in 32 constituent entities of the Russian Federation. This created conditions for gasification of almost 52 thousand households and 173 boiler houses with a total consumption of 400 million cubic meters. meters of gas per year.

By the end of 2017, the gasification level in Russia reached 68.1%, including 71.4% in cities, and countryside - 58,7%.

Expanding the use of gas as a vehicle fuel is one of the promising areas of Gazprom's activities. In 2017, the total capacity of the Gazprom Group's gas filling infrastructure amounted to 2 billion cubic meters. m. The volume of sales from our gas filling stations in Russia increased to 525.9 million cubic meters. m of natural gas.

Along with compressed gas, Gazprom uses liquefied natural gas as fuel for mainline vehicles. This is the aim of the pilot investment project for the construction of a gas engine infrastructure on the Moscow - St. Petersburg route. This route is part of the Europe-Western China transport corridor.

Dear shareholders!

2017 marked the 10th anniversary of Gazprom's operations in the power generation sector. The results of the implementation of the Gazprom Group's Strategy in the Power Industry were summed up. Over the past 10 years, the country's largest electric power holding for thermal generation has been established. Its installed electric capacity is about 1/6 of the capacity of the Unified Energy System of Russia. By the end of 2017, the holding's capacity amounted to 38.8 GW.

Gazprom has completed over 30 projects for the construction and modernization of generating production facilities with a total capacity of about 8.6 GW.

Over the decade, revenue from the power industry has more than tripled, EBITDA has increased more than 7.5 times, and the debt-to-EBITDA ratio has dropped from 2.5 to 1.1.

In 2017, Gazprom Energoholding showed record financial and economic results thanks to the commissioning of new efficient capacities and optimization of operating costs.

The key objectives of Gazprom Energoholding's strategy for 2018–2027 include increasing internal efficiency and participating in new program modernization.

Within the framework of international development we are building a thermal power plant in Serbia, we are considering the possibility of building gas generation facilities in Vietnam and China.

Dear shareholders!

In 2017, our natural gas supplies to European non-CIS countries reached a historic record level of 194.4 billion cubic meters. m. For 25 years, we have practically doubled supplies to this market. The share of Gazprom in European consumption in 2017 also rose to a record level of 34.2%.

In Europe, Russian gas is in increasing demand. Thus, the record import by Germany in 2017 increased by another 7%, by Turkey - by almost 17%. In 2017, Gazprom set a historic record for exports to Austria - 9.1 billion cubic meters. m, which is one and a half times more than in 2016.

In the 2017/2018 heating season, during severe cold weather in Europe, Gazprom set 10 records for daily supplies to non-CIS countries. In March 2018, an absolute record was set - 713.4 million cubic meters. m of gas per day.

Gas consumption in European countries in 2017, according to preliminary data, amounted to 568.2 billion cubic meters. m, which is 26.5 billion cubic meters. m, or 4.9%, more than in 2016.

The main factors behind the growth in demand were the increase in economic activity in European countries and the last years long-term downward trend in European production.

The resource base of the European gas industry is shrinking. In Holland, production limits are reduced by largest deposit Groningen. Norwegian authorities restrict offshore drilling in high latitudes. Thus, there are all preconditions for further growth in gas imports to Europe.

In general, gas imports to the market of non-CIS countries in 2017 increased compared to 2016 by 22.8 billion cubic meters. m. The largest contribution to this growth was made by Gazprom. The increase in Gazprom's supplies over this period amounted to 15.1 billion cubic meters. m.

The development of global LNG production does not lead to radical changes in the European gas balance. LNG supplies from the United States are constrained by the high cost of a full cycle of production and transportation across the ocean. In 2017, only less than two million tonnes were sent to European buyers, mostly not receiving gas from Russia. The share of American LNG in the volume of gas consumption in European countries was only half a percent.

The first results of 2018 show that the growth of Gazprom's supplies to European non-CIS countries has continued. According to preliminary data, in the first half of 2018 we will supply 101.2 billion cubic meters to this market. m of gas. This is 5.7%, or 5.5 billion cubic meters. m exceeds the figure for the same period of the record 2017. If the trend continues, our exports to non-CIS countries by the end of 2018 may reach a new historical record - about 200 billion cubic meters. m.

Nord Stream reliably ensures our supplies to the European market along the most efficient route. The Trans-Baltic route has proven its reliability, safety and efficiency as a trunk line connecting Europe with gas fields in Russia. In November 2017, 200 billion cubic meters of gas was supplied from Russia to Germany via the Nord Stream gas pipeline from Russia to Germany since the start of this project.

Building on the success of Nord Stream, Gazprom is implementing the Nord Stream 2 project. In 2017, financing agreements were signed with ENGIE, OMV, Shell, Uniper and Wintershall.

The new gas pipeline will be built by the end of 2019. With its commissioning throughput the foreign part of the Northern Gas Transportation Corridor will increase to 110 billion cubic meters. meters of gas per year.

Full sets of permits have already been received for the construction and operation of the planned gas pipeline in Germany, Finland and Sweden.

The route along the Northern Gas Corridor from Yamal to Greifswald is almost 2 thousand km shorter than along the central corridor through Ukraine. The new gas pipelines of the Northern Corridor differ from the Ukrainian ones in lower metal consumption, lower energy consumption and a significantly lower carbon footprint.

February 2018 marked the 15th anniversary of the commissioning of the Blue Stream gas pipeline, which accounts for over 50% of Russian gas exports to the Turkish market. During this period, more than 158 billion cubic meters of gas were transported via the gas pipeline. m of gas. At the end of 2017, the gas pipeline delivered a record volume of gas - 15.9 billion cubic meters. m. Gas supplies via Blue Stream have become a powerful catalyst for the development of the Turkish gas market.

Now Gazprom is building a new trans-Black Sea gas pipeline - Turkish Stream. The construction of the first string of the gas pipeline was completed. For the first time in the world, a pipe with a diameter of 810 mm was laid at a depth of 2200 meters. Turkish Stream will further increase the reliability of gas supplies to our Turkish and European partners.

The growing demand for gas in Europe requires guarantees of supply stability. Their reliability is ensured by underground gas storage facilities operated by Gazprom abroad. We strive to ensure that their active capacity is at least 5% of the annual export volume. Over the past 10 years, it has almost tripled.

The geography of Gazprom's participation in UGS projects abroad is constantly expanding both in Europe and abroad. We are currently conducting a feasibility study on the possibility of Gazprom Group participating in new underground gas storage projects in Austria, Slovakia, China and other countries.

In order to expand the customer base and increase the flexibility of supply in foreign countries Gazprom is developing its activities in the global liquefied gas market. In 2017, 9 countries received LNG from the Gazprom Group portfolio. Most of the trade operations - 80% - fell on the Asia-Pacific countries. Among them is India, one of the most dynamic Asian gas markets. In 2017, we supplied LNG to a new market for us - the Spanish market, which is still out of reach for our main gas.

Increasing our own LNG production capabilities, together with Shell, we are carrying out preparatory work for the construction of the third line of the Sakhalin-2 plant with a capacity of 5.4 million tonnes of LNG per year. In addition, a joint feasibility study is under way to determine the main technical solutions for the Baltic LNG project with a capacity of 10 million tons per year.

The most dynamic gas market in the world is China. Gas demand in China is growing at a growing pace. In 2015, its consumption increased by 5%, in 2016 - by 7%, and in 2017 - by 15%. The share of gas in the fuel and energy balance of the PRC will rise from the current 7% to 10% in 2020, and to 15% by 2030. This means that in the next couple of years, China will need up to 360 billion cubic meters. m of gas.

The country's own production does not provide such volumes, and China is increasing imports. Today it covers almost 40% of the domestic gas demand. The potential capacity of the Chinese market is so great that in the medium term it may require up to 110 billion cubic meters. m per year of pipeline gas from Russia.

The Power of Siberia gas pipeline will be commissioned in December next year, and Russian gas will begin to flow to China. Within 30 years, we will supply more than 1 trillion cubic meters to the PRC. m of gas. Russian gas will help balance chinese market, increase its liquidity, prevent periods of deficit similar to what happened in 2017.

In 2017, the foundation was laid for the creation of another route for pipeline gas supplies to China. An agreement was signed between Gazprom and CNPC, according to which additional volumes of gas will come to China from Of the Far East Russia.

Gazprom's partnership with Chinese companies is not limited to gas supplies; issues of cooperation in the field of underground storage and gas power generation in China, gas engine fuel and in the social sphere are being worked out.

Dear shareholders!

We will continue to follow our mission - to reliably and uninterruptedly provide Russian and foreign consumers with energy, and what is especially important - during periods of winter peak consumption. This is our number one priority!

Thank you for your attention.

Opened the work of the meeting Executive Director PJSC Gazprom Alexey Miller. He spoke about the main performance indicators of the gas giant.

Thus, gas production in Russia amounted to 472 billion cubic meters, and the proceeds of the "national treasure" - 6.5 trillion rubles. The company's profit is 714 billion rubles.

Among the important events of 2017, Alexey Miller noted the record volume of gas exports to non-CIS countries - 194.4 billion cubic meters, the implementation of the Turkish Stream project, preparations for the construction of Nord Stream 2 and the Power of Siberia gas pipeline to China. Within the framework of this project, the construction of one of the largest gas processing enterprises in the world has already begun - the Amur GPP (near the city of Blagoveshchensk).

Vladimir Kiyayev, head of Gazprom Dobycha Orenburg, also spoke at the meeting of shareholders. He noted that this year the Orenburg Gas Chemical Complex celebrated its 50th anniversary. For half a century, more than 1.3 trillion cubic meters of "blue fuel" have been produced and processed.

The most painful question for the region is about the prospects for the Orenburg gas. It is no secret that the gas condensate field near Orenburg has already been depleted by more than 75%. Nevertheless, Vladimir Kiyaev noted, without disclosing details: there are plans to increase production and build new wells. In particular, exploration work has begun in the Irek area, the reserves of which are estimated at 600 billion cubic meters of gas.

Orenburg residents, the employees of the gas company and their family members, are most worried about the ongoing restructuring. Recall that the processing assets - the gas plant and the helium plant - are being transferred to Gazprom Pererabotka, whose head office is located in Surgut.

The transitional arrangements will last until autumn. But on own sources, from July 1, employees of some services and departments will receive "letters of happiness" with a notice of termination labor contracts... At the same time, people are afraid that they will not be offered new jobs in the new structure.

St. Petersburg hosted a traditional annual meeting shareholders of the Gazprom company. And it is only on TV that Semyon Slepakov sings that he does not want to be a billionaire, but wants to become a shareholder of Gazprom. In fact, being a small shareholder - that is, a minority shareholder - is a real challenge. The journalist "FederalPress", who came to the annual meeting of shareholders, was convinced of this.

Minority shareholders wanted to hear the report of the head of Gazprom, Alksey Miller: it is no less important for them than for top management to understand what results the company has shown and how it intends to develop. However, not everyone was lucky with accreditation. “We arrived three hours before the start of the meeting (the opening was scheduled for 10 am - editor's note) and still did not get there on time,” the shareholders complained.

Among those who were waiting in the heat for permission to enter the building of the EXPOforum, which is closer to the airport than from the city center, there are many elderly people, honored workers of the gas industry. There were no additional benches or water for them.

Problems with the passage of minority shareholders to the annual meeting of Gazprom are constant, - says shareholder Leonid Pronin. “At 10.15 o'clock, and we still cannot go through the second checkpoint. This has been repeated for the second year in a row. That time I was returned three times from the document checkpoint, the pass was not properly issued. First they made a point so that they would not let me through, then the seal was not there, ”he says.

In short, the owner of Gazprom shares, even before entering the building where the shareholders' meeting is taking place, feels, according to Pronin, "humiliated and insulted."

Those who did manage to get into the building were no less disappointed: they were not allowed into the hall where Alexey Miller made a report to the company, citing the lack of free seats. It turned out that only top management listened to Miller's report.

I don’t want to be a shareholder of Gazprom

“It’s such a policy not to let ordinary shareholders into the hall, because we are asking uncomfortable questions,” Pronin says. “Why do I read in the newspapers that Gazprom now and then provides discounts to European consumers, and only raises prices for its compatriots ?! It turns out that it is through our account with you that Gazprom is expanding into foreign markets? But I don’t want to pay for all these "golden pipes" to Europe and China, especially since they are half empty anyway, and they do not bring me any profit as a shareholder! Look, how many new projects have been announced in the last few years? But this did not affect either Gazprom's capitalization or shareholders' dividends! As they were scanty, they remain, even in spite of a direct order from the government to pay more, ”another shareholder, Dmitry Fradkin, is outraged.

But the dividend policy raises special questions for shareholders. “They want to pay dividends now. What are dividends? They take all the net profit that we have earned and distribute. Now, according to their reports, it has decreased four times compared to 2016, it was more than 400 billion, and now it is 100 billion. They take 100 billion, direct it to dividends, but they do not have enough to fulfill the Regulation on Dividend Policy - no less previous payments. And they pay extra 90 billion from retained earnings, ”Pronin says.

The shareholders agree on one thing: the current management of the company is doing a poor job of increasing the company's capitalization. "In the position of corporate ethics it is written that the Board of Directors should strive to increase the capitalization of the Company. And the capitalization of the Company has dropped. That is, it does not grow, but falls. And no responsibility. They blame everything on some external factors, on, there, and so on, and so on. But this is not the basis, "Pronin says emotionally.

“I don’t want to pay for all these“ golden pipes ”to Europe and China, especially since they are half empty anyway and they don’t bring any profit to me as a shareholder! Look, how many new projects have been announced in the last few years? But this did not affect either Gazprom's capitalization or shareholders' dividends! As they were scanty, they remain, even despite a direct order from the government to pay more. This means that the management is ineffective! So you need to change it! I call on the state, as the main shareholder, to finally intervene and influence the situation so that Russia does not lag behind and use its advantages to gas market! ”, - calls on Fradkin.

Why is the national treasure getting cheaper?

Note that the value of Gazprom shares has been falling for several years in a row. In 2007, when the capitalization exceeded $ 360 billion, the head of the company assured that in 5-7 years Gazprom would be worth a trillion dollars. But instead of threefold growth, the gas monopoly showed a sevenfold decline: in the last three years the company was worth about $ 60 billion, and now it is about $ 50 billion. The “national treasure” is now inferior to even the private “Lukoil” in terms of capitalization. Moreover, the Russian independent gas producer Novatek is now on its heels.

At the same time, losses to the state treasury alone from a decrease in the value of Gazprom's block of shares amounted to about $ 160 billion during this time, and the treasury received dividends almost 10 times less: $ 17.5 billion.

Payments to shareholders also do not inspire optimism. Dividends last year turned out to be 10% lower than payments made five years ago - 8.04 rubles against 8.97 rubles in 2012, and this is even without taking into account the accumulated inflation. The monopoly's avarice suffers from its main shareholder - the state, whose interests the gas holding, which calls itself a national treasure, openly despises: contrary to directives for state-owned companies to pay 50% of net profit in accordance with IFRS to the budget, the Board of Directors of Gazprom on May 16, 2018 recommended to approve dividends twice as low - only 26% of net profit, or about 190 billion rubles. The same amount was paid by Gazprom last year, and Gazprom is not planning to increase payments to shareholders in the next two years, as Alexey Miller personally informed the President of the Russian Federation at the end of last year.

Analysis financial indicators of the company shows that the fall in capitalization is not an accident. After all, the net profit for international standards in 2017 decreased by 25% (from 952 billion rubles in 2016 to 714 billion rubles in 2017). Operating cash flow fell by almost a quarter (from RUB 1.57 trillion in 2016 to RUB 1.19 trillion in 2017), free cash flow became negative, debt increased by 15% (from RUB 2.83 trillion in 2016 to RUB 3.27 trillion in 2017.

Recall that in Lately Gazprom is often criticized for the fact that in the pursuit of a share of the European market, providing Russian consumers for Gazprom has ceased to be a priority. Against the background of a long-term decline in production, the company breaks a record "* banned in the Russian Federation"> hordes of growth in export volumes abroad. billion dollars instead of investing in a project to build a pipe across Altai, which would have cost about five times cheaper? Why the cost of building Nord Stream 2 (22 billion euros) is three times higher than investment in Nord Stream - 1 "(7.4 billion euros). What can this be connected with if the new pipeline is laid parallel to the old one? Why is the construction of the Turkish Stream more expensive than the construction of a comparable Blue Stream (3.2 billion USD) than in five times And finally, what is the payback period for all these projects?

But inside the country there are many questions to the "national heritage". After all, gas prices for the population are growing faster than for industrial consumers, and the volume of investments in gasification of regions fell by more than 25% compared to 2013.
Even the remarks of the head of government do not affect the pace of work of Gazprom, who more than once publicly drew the company's attention to the fact that "it is a shame when a country that produces more gas than any other state in the world has such a low level of gasification."

The second part of the video from the AGM of Gazprom (or rather, I thought so at first), the so-called “Final press conference with the participation of the Chairman of the Board of Directors and the Chairman of the Management Board”, appeared on the network.

Briefly about the content of the conference ...

Although it is called as a conference with the participation of the Chairman of the Board of Directors and the Chairman of the Management Board, the Chairman of the Board of Directors is an insider of all Russia Zubkov - he stayed there for exactly 11 minutes, talked about the advantages of NGV fuel and retired for an important meeting.

Miller spoke further. The topics were all the same: about European exports and Gazprom's next records. About UGS facilities in Europe, about American LNG. About " milestone period"when all the pipes are built - Nord Stream 2, Turkish Stream and Power of Siberia, and then the contract with Ukraine is completed - this will be the end of 2019. Then Gazprom will apparently reach complete catharsis.

We discussed the Stockholm Arbitration, Ukraine, investments in the gas distribution system, etc.

But I got the feeling that as a shareholder of Gazprom, I was simply thrown. Why were there journalists and not shareholders?

Of course, it is “very interesting” to hear questions from the journalists of Stavropolskaya Pravda and Zvezda Altai on topics that have already been discussed a hundred and once in the press, but it would be more interesting for Gazprom shareholders to ask other questions.

About dividends, about measures aimed at increasing shareholder value, about the system of remuneration of top executives related to shareholder value. We had a question about the Rostov regional gas.

Where is the video with the answers to the shareholders' questions or were there no answers to them?

If anyone does not know how the events took place in the morning at the AGM of Gazprom, let me remind you. Here are two posts in VK: in the first, the second -.

Gazprom shareholders were simply not allowed to attend the AGM. At all. Some arrived at 8-30 am and stood in line for more than 3 hours. Then, when they registered, they were not allowed into the hall, citing the lack of seats in the hall. They offered to put their questions in the ballot box, it was possible to write them on the website.

But, stop, where are the answers to the shareholders then?

It looks like this is a tradition in Gazprom. Here's another post for 2011... Nothing has changed in 2018. The tops of Gazprom simply do not want to communicate with their shareholders. Formally, the AGM was held, reports were read, answers were given to journalists' questions (!), And shareholders ...

“How does a Gazprom shareholder feel today? Humiliated and insulted. The meeting has already begun, and I can't even get into the hall!

We are deliberately denied the right to speak out and ask a question. And this is repeated from year to year. Do you know why? Because then the statements of minority shareholders will have to be included in the minutes of the meeting and attached to the materials. And the company doesn't need it. It allows only those who do not ask “uncomfortable” questions, ”complains the shareholder Leonid Pronin.

The meeting of shareholders of Gazprom, the largest gas company in the world, lasted only 15 minutes. It took so much time for the management of the monopoly to answer the few questions of shareholders, which were collected in advance and read out by the members of the presidium on a piece of paper. Minority shareholders wishing to ask a question to the chairman of the board of directors Alexei Miller or the head of the board of directors Viktor Zubkov were not allowed into the meeting hall.

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Successful investment!