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Gazprom Goes on Increasing Gas Production

Posted on: Wednesday, 5 October 2005, 15:00 CDT

Gazprom (Russia), gas giant, goes on increasing natural gas production. The firm should increase its production volume by 2 bil cu mt in 2005 compared to 545 bil cu mt in 2004 and 512 bil cu mt in 2001. Gazprom increased its net profit by 24% to RUB 161.08 bil, CEK 135 bil, in 2004 compared to 2003

. The firm exported gas worth the record USD 19 bil in 2004, 16% more compared to 2003. It exports gas to 27 countries. The firm supplies natural gas to the Czech Republic through the subsidiary Gazexport (Russia), which arranged a contract on 15-year natural gas supplies with the Czech monopoly importer Transgas (Czech Republic) in 1998. Gazprom, which has 330,000 employees, has total natural gas reserves of about 29 bil cu mt. Its largest reserves are in the region Nadym-Pur-Taz in Jamalonenec autonomy circuit in western Siberia, Russia. Gazprom has nearly 60 subsidiaries, which produce various industrial goods, among others.

Source: Access Czech Republic Business Bulletin

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