Alexey Miller's column

Speech by Alexey Miller, Chairman of Gazprom Management Committee, at annual General Shareholders Meeting

“Gazprom is well-equipped to carry out the most cutting-edge projects of any scale. And the expertise we have gained in implementing our leadership strategy is key to our success and excellence.”

Maximum daily deliverability of Russian UGS facilities to exceed 843 million cubic meters of gas by next winter

“During its preparations for the upcoming autumn/winter period, the Company will already have a new construction and investment management structure in place. Work aimed at improving Gazprom's corporate structure will continue. Its main goals are to overcome lingering obstacles in the Company's development process, to increase transparency (in particular, through a phased transition to a tax monitoring system), and to enhance the overall efficiency of Gazprom as a vertically-integrated company. Besides, an even stronger focus will be put on financial performance, from the parent company to investment objects.

The dividend policy will be aimed at raising the payout level to 50 per cent of the earnings under the International Financial Reporting Standards. We are already taking steps in this direction. The dividends planned to be paid to the federal budget based on Gazprom's results for 2018 will be the largest among all state-owned companies. The overall dividend amount (RUB 393.2 billion) will be the highest in the history of the Russian stock market.

These changes, which are meant to take the Company to a new level, have already been positively received by the investment community. Since the beginning of the restructuring, the value of Gazprom's shares has grown by one and a half times. The Company's market capitalization exceeded USD 85 billion yesterday. We have taken the top spot in the Russian stock market.”