Alexey Miller's column
“Cooperation on gas issues between Azerbaijan and Russia is the most commercially viable option for both partners. There are no obstacles for Gazprom to ensure feasibility for a further increase in the Azerbaijani gas import at any moment coordinated with our partners from Baku. This was confirmed by the negotiations and we agreed to increase gas purchases in 2012.”
“According to the current data, the Company produced 508.6 billion cubic meters of gas in 2010, which is 47.1 billion cubic meters more versus 2009 and comparable to annual deliveries of Russian gas to Germany and France together.
The growing domestic demand certainly became a determinant factor. All market players sold 413.5 billion cubic meters of gas to consumers via the Unified Gas Supply System in 2010. I will remind that in 2009 this parameter was almost 5 per cent lower – 394 billion cubic meters. Notably, gas consumption considerably grew in the power, metallurgical and agrochemical industries, while the cement industry increased gas purchase by almost 18 per cent.
If the Russian economy recovery rate persists, we will be able to reach the pre-crisis gas production level by late 2011.”
“Your teachers were not so good”
Mr. Miller, it was two years ago when you promised to bring Gazprom’s capitalization up to USD 1 trillion and transform it into the world’s biggest company. Instead, Gazprom’s market value reduced from USD 300 billion to 130 billion. Have the golden age of Gazprom passed away?
Over the last half a year alone, our shares grew by 35 per cent, which is a lot. The golden age passed away not for Gazprom, but for the financial capitalism based on securities only. We spoke of USD 1 trillion capitalization in spring 2008, before the global financial crisis, within the financial capitalism system. The system has discredited itself.