Moldovagaz’s annual Sareholders’ meeting held
The city of Chisinau hosted yesterday Moldovagaz’s annual Shareholders’ Meeting. Alexander Ryazanov, Chairman of Moldovagaz’s Supervisory Board and Deputy Chairman of Gazprom’s Management Committee participated in the Meeting.
Moldovagaz’s shareholders largely approved the company’s 2003 annual and financial reports and profit allocations, to be funneled for settling previous debts. Under the reports, it was for the 1st time over the past few years that Moldovagaz recorded some USD 10 million in net profits.
The participants pointed out that regional gas payments tended to increase in 2003.
However, the problem of Moldovagaz’s gas debt to Gazprom still remains to be resolved. As of 1 May 2004, Moldovagaz’s gas debt (penalties, inclusive) amounted to over USD 1.2 billion, including to USD 961.2 million in the Transdnestr region and USD 305.2 million in Moldova, with the power generation sector still being the largest debtor.
According to Alexander Ryazanov’s statement at Moldovagaz’s Shareholders’ Meeting, the company’s strategic task for 2004 should be devising the gas debt restructuring scheme. In particular, this scheme may prescribe gas debt restructuring for over 5 to 10 years by repaying the debt in cash or by handing over to Gazprom the Republican industrial facilities as gas debt settlement.
In this connection, Alexander Ryazanov underlined the need for the Moldovan side to ratify the Russian-Moldovan Agreement on cooperation in the gas industry, dated 2001. In particular, the Agreement envisages devising Moldova’s gas debt restructuring scheme or producing a new agreement.
Alexander Ryazanov also pointed out that in 2004, Moldovagaz should focus on receiving full gas payments, optimizing corporate costs and reducing gas losses during transportation.
The Shareholders’ Meeting elected new members of the company’s Supervisory Board comprised of 6 persons, including 3 representatives of Gazprom, 2, of the Republic of Moldova and 1, of the Transdnestr region. Alexander Ryazanov was re-named as Chairman of Moldovagaz’s Supervisory Board.
Gazprom controls a 50% stake of Moldovagaz. The remaining shares are owned by the Republic of Moldova (35.3%), the Transdnestr Republic (13.44%) and individuals (1.23%).
In 2003, Gazprom delivered 1.5 bcm of gas to the Republic of Moldova and plans to supply roughly the same amount in 2004.
Information Directorate, OAO Gazprom