Company | Results 2011 | MD&A | Social Responsibility | Corporate Governance | Shareholder Information | Appendix |
Company History |
Open Joint Stock Company Siberian Oil Company (‘JSC Sibneft’) established by Decree of the President of the Russian Federation. The Federal Government founded the company by contributing its stake in some of Russia’s largest oil industry enterprises: JSC Noyabrskneftegaz, JSC Noyabrskneftegazgeophysika, JSC Omsk Refinery and JSC Omsknefteprodukt.
The Russian Government privatized Sibneft as part of a programme to promote development of a market economy. Private investors bought 49% of Sibneft stock at auctions in 1996. In 1997 the Financial Petroleum Company won an auction to purchase the government holding in Sibneft as part of the Government’s ‘shares for loans’ program.
Good resource potential, efficient refining capacities and professional management ensured rapid development of the Company. Sibneft management worked hard to modernise production, introduce the latest technology and optimize business processes. A proactive acquisition policy rapidly expanded the Company’s production territory (in Tomsk and Omsk Regions, and Chukotka Autonomous District) and the Company’s sales network (Sverdlovsk and Tyumen Regions, Krasnoyarsk Territory, and the cities of St. Petersburg and Moscow). One of the Company’s major purchases during this period was its acquisition of 49.9% of the shares in JSC Slavneft Oil Company, which produced oil and gas in Western Siberia and Krasnoyarsk Territory.
Gazprom Group bought a controlling interest in JSC Sibneft (75.68%) and subsequently, on May 13, 2006 the company’s name was changed to JSC Gazprom Neft. The new strategic objectives of Gazprom Neft were to become a global company with regionally diversified assets along the entire value chain.
Gazprom Neft entered the retail market in Central Asia by creating a subsidiary — Gazprom Neft Asia — to sell the Company’s petroleum products in Kyrgyzstan, Tajikistan and Kazakhstan. In the same year, the Company joined an international project with government-level importance, when it became a shareholder (jointly with JSC Rosneft and JSC Transneft) in the Burgas-Alexandroupolis Trans-Balkan Oil Pipeline construction project.
Business units were set up within the company to focus on activities in specific segments: Gazprom Neft Nefteservice, Gazprom Neft Marine Bunker, Gazprom Neft- Lubricants, and Gazprom Neft-Aero. In December 2007, to further expand its resource base, Gazprom Neft acquired a 50% stake in Tomskneft, a company producing oil and gas in Tomsk Region and Khanty- Mansiysk Autonomous District.
Gazprom Neft, Rosneft, Lukoil, TNK-BP and Surgutneftegaz signed a Memorandum of Understanding on cooperation and joint participation in projects in Venezuela and Cuba, as part of the National Oil Consortium.
Gazprom Neft acquired new assets for its resource portfolio and refinery capacities: the Serbian oil company, NIS, and a controlling stake in Sibir Energy. The latter acquisition increased the Company’s ownership stake in the Moscow Refinery and gave it access to the Salym oil fields. In April 2009, the Company closed a deal with Chevron Global Energy to purchase the Chevron Italia s.p.a. oils and lubricants production plant in the city of Bari (Italy). Another important event for Gazprom Neft in 2009 was the launch of a large-scale rebranding program for the Company’s filling station chain.
Gazprom Neft expanded its presence in the global oil and gas market. Milestones of the year include:
Gazprom Neft substantially improved its operating performance by purchasing of new assets and through more efficient development of existing fields.
Key events during the year were as follows: