Gazprom Neft (GZPFY: OTC Link) | Gazprom Neft’s Board of Directors completes Review of Company Projects

Gazprom Neft’s Board of Directors completes Review of Company Projects

Dec 02, 2011

OTC Disclosure News Service

Moscow, Russian Federation –

Following the approval of the oil service business divestment program in March 2010, Gazprom Neft’s Board of Directors has now reviewed the preliminary results. During 2011, five out of eight companies held by Gazpromneft-Nefteservice LLC were disposed. Specifically, Gazprom Neft completed the sale of the following transportation and petroleum production support services subsidiaries: Muravlenko Transportation Company LLC, Spetstransservice LLC, Noyabrsk Central Piping Base LLC, Service Transportation Company LLC, and YamalServiceCenter LLC. The disposal of the remaining assets is now under way, and is expected to be completed by the end of 2011 (OJSC Gazpromneft-NNGG will be sold in the beginning of 2012).

In addition, Gazprom Neft’s Board of Directors looked into the current internal audit system which was established to provide independent assessment and verification of activities performed by the corporate center as well as the company’s subsidiaries. The Internal Audit Department assesses the efficiency of the company’s internal control systems and business processes, and audits the business activities of Gazprom Neft’s Group of companies, as well as monitoring the integrity of its assets. The key principle of Gazprom Neft’s internal audit system is the application of a comprehensive approach to assessing business processes in order to improve efficiency.

The Board of Directors was also updated on the implementation of the associated petroleum gas utilization efficiency program which was adopted by the company. In order to successfully implement this program, Gazprom Neft is currently developing three main regional projects: Yuzhno-Priobskoe field project, Noyabrsk integrated project (Vyngapurovskaya group of fields) and Tomsk integrated project (field in Tomsk Oblast). The completion of an associated gas gathering system and compressor station at the Yuzhno-Priobskoe field will allow the field’s associated gas utilization efficiency to rise to 95%. Improvement of natural gas utilization efficiency within the Noyabrsk integrated project is linked to the modernization of the Ety-Purovskoe field’s gas gathering and transportation system as well as the expansion of the Vyngapurovskaya compressor station which will allow for an increase of its gas processing capacity (this work is currently being undertaken by SIBUR). The Tomsk integrated project provides for the establishment of a regional gas gathering and transportation system designed to allow processing of associated gas near Tomsk or Barabinsk.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/GZPFY/news?id=38790

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