Gazprom placed ten-year loan participation notes in the amount of USD 1.75 billion under Rule 144A. Gazprom was awarded by the International Financial Review for the best 2003 bond issue in the Emerging Market Bond and the EEMEA (Eastern Europe, Middle East and Africa) Bond nominations.


Gazprom signed the Purchase and Sale Agreement for the property of the Kaunas Combined Heat and Power Plant.


The pre-investment survey Phase 1 was accomplished within the Central Asia – Center project.

Projected Pre-Caspian gas pipeline and Central Asia – Center gas pipeline
Projected Pre-Caspian gas pipeline and Central Asia – Center gas pipeline

Projected Pre-Caspian gas pipeline and Central Asia – Center gas pipeline

The following documents were signed:

  • the Agreement of Cooperation with KOGAS (Korea Gas Corporation);
  • the bilateral Memorandum of Cooperation between Russia and the UK within the North European Gas Pipeline project.


Phase 2 and 3 infrastructure of the South Pars field (Iran) was completed within the international consortium set up to develop the field.

Natural gas was supplied to Armenia for the first time.

The five-year Agreement of Cooperation was signed with Bashkortostan.

The Volgogradskaya gas compressor station was commissioned at the operating gas pipeline.


Achimgaz (joint venture of Gazprom and German Wintershall) was set up to develop the Achimov formations in the Urengoy field.

Alexey Miller and Jurgen Hambrecht commissioning first pilot block of Achimov formations
Alexey Miller and Jurgen Hambrecht commissioning first pilot block of Achimov formations

Alexey Miller and Jurgen Hambrecht commissioning first pilot block of Achimov formations

Gazprom acquired a 20 per cent stake in KazRosGaz, thereby increasing its stake in this company up to 50 percent. It will enable Gazprom to gain a foothold in the Middle Asian gas market as well as increase the flexibility and mobility in diversification of gas sources.

The acquisition of a 100 per cent stake in special-purpose company West East Pipeline Project Investment B.V. was agreed on. The Netherlands-based company is intended for participating in the West-East project.

The Euromoney magazine granted Gazprom the highest award for placing bonds in the Russian and western markets.

The following documents were signed:

  • the long-term Agreement on gas purchase from Uzbekistan;
  • the Agreement on gas supply to Georgia.


Gazprom and the Ministry of Energy and Mines of Venezuela held negotiations to examine possible ways of the cooperation in exploration and development of gas fields, gas infrastructure upgrade, gasification and natural gas processing.

The long-term Agreement was signed for gas purchase from Turkmenistan.


The Chairman of the Gazprom Management Committee held talks with representatives of the US Government and energy companies’ management. Favorable conditions were created for Gazprom to enter the US LNG market.

The Fitch international rating agency assigned its long-term BB rating of foreign and national currency liabilities to Gazprom. BB level rating is one point less than the sovereign Russian rating. The rating forecast is “stable”.

Gazprom placed EUR 1 billion in seven-year loan participation notes. This loan became the largest issue of euro-denominated bonds effectuated by corporate companies from the countries with developing economy and the first corporate EMTN (Euro Medium Term Note) Program in Russia.

The Obskoye field was discovered.

AMAZONE drilling rig

AMAZONE drilling rig


A new pipeline was commissioned: the Karachaganakskoye field (Kazakhstan) – Orenburg Gas Processing Plant (Russia).

The Agreement of Cooperation was signed between Gazprom and the Voronezh Region.

The Vyngaiakhinskoye gas field was commissioned.

Vyngaiakhinskoye gas field

Vyngaiakhinskoye gas field


A hundredth billion cubic meters of gas was produced at the Zapolyarnoye field.

Standard and Poor’s international rating agency increased Gazprom’s rating up to BB- level.

Gazprom approved the concept for the continental shelf development and the program for offshore oil and gas exploration until 2030.


A billion cubic meters of gas was supplied via the Blue Stream gas pipeline.

The second startup complex UKPG-2S and the first startup complex UKPG-3S were commissioned at the Zapolyarnoye oil, gas and condensate field. Their total capacity is 32.75 billion cubic meters of gas per year.

UKPG-2S residential estate
UKPG-2S residential estate

UKPG-2S residential estate

The following documents were signed:

  • the Agreement on establishing a consortium between Gazprom, Rosneft and Surgutneftegaz. The parties agreed to jointly explore oil and gas fields in Eastern Siberia and the Far East taking into account the internal market needs and possible export to Chinese and Asia-Pacific markets;
  • the Agreement on gas supply to Azerbaijan.

The Purchase and Sale Agreement to acquire a 34 per cent stake in Lietuvos Dujos (Lithuania) was initialed.

The Stavropolskaya compressor station was commissioned at the operating gas pipeline.

The goal to flatten out gas production and to reach a new gas production level of 530 billion cubic meters in 2003 was achieved. Gas production stood at 540.2 billion cubic meters in the reporting period. It was decided to set a new gas production target of 580–590 billion cubic meters in 2020.