Gazprom CEO, Vladimir Putin discuss Power of Siberia 2 project

AK&M 17 September 2020 17:47

Alexey Miller, Chairman of the Management Committee of PJSC Gazprom, and Russian President Vladimir Putin have discussed the Power of Siberia 2 project, according to the transcript published on the Kremlin website.

"Mr. President, you issued a directive to start front-end engineering and design for the Power of Siberia 2 project. We started it and, at the same time, started working on the Mongolian section. As part of a videoconference with the Prime Minister of Mongolia [Ukhnaagiin Khurelsukh], a memorandum of intent to create a special-purpose company was signed. The company is to conduct a feasibility study for this route and to choose the gas pipeline route. We will discuss the results of this work in the first quarter of 2021. Once implemented, the Power of Siberia 2 project will allow us, firstly, to connect gas transmission capacities in the west with those in the east. Mr. President, you have been setting the goal of creating a unified gas supply system for some time now. This presents new opportunities for delivering gas to Eastern Siberia and the Trans-Baikal area. This is a new export corridor with a capacity of up to 50 billion cubic meters of gas and an opportunity to deliver gas from Yamal not only to the European market, but to the Asian market as well," Alexey Miller said addressing the Russian leader.

PJSC Gazprom (tax number: 7736050003) is the world's biggest gas company. Its authorized capital is RUB 118.367 billion and consists of 23,673,512,900 common shares with a face value of 5 rubles. The company has several hundred thousand shareholders in Russia and abroad. The Russian Federation owns more than 50% of Gazprom's shares. The Bank of New York Mellon is the depositary of Gazprom's ADR program.

IFRS profit of PJSC Gazprom for the first half of 2020 dropped by almost 95% to RUB 45.46 billion from RUB 878.644 billion a year earlier. Revenue from sales decreased by almost 29% to RUB 2.903 trillion from RUB 4.077 trillion, profit from sales by 75% to RUB 189.985 billion from RUB 780.878 billion. Loss before tax was RUB 16.806 billion against a profit of RUB 1.125 trillion.