Miller Time

Gas company became the third-capitalization public company in the world, leaving himself just ahead of ExxonMobil and British Petroleum. May 8, 2008 the cost had reached $ 347.6 billion for the whole ten-year reign of Alexey Miller, the capitalization of monopoly has grown by 16 times, surpassing the $ 170 billion, however, to promise a top manager of $ 1 trillion and ranks the most expensive public company on the planet so far far away. Until the end of 2005 foreigners were legally prohibited from buying shares of "Gazprom" on the Russian stock exchanges: the state feared that control of the concern goes into the hands of a foreign investor. This created a dual market for securities of the gas monopoly - Quotes of local shares and ADR, located in London, were significantly different, which hampered the company's capitalization. Division of markets was canceled in 2005, after the state represented "Rosneftegaz" bought 10.4% shares of "Gazprom" in his "daughters." First Five-Year Plan Board Alexey Miller held under the motto of structuring the assets of "Gazprom" - had to return the core assets, control of which missed the previous management. So in the bank group have appeared in major stakes "Purgaz" (Gubkin deposit), "Severneftegazprom" (South-Russian field), "Vostokgazprom", "Zapsibgazprome", "Nortgaz" as well as a number of petrochemical assets, and later formed the "Sibur Holding ". The strategic goal of Alexei Miller, associated with the construction of the power of a diversified, has a success: in 2010, "Gazprom" has received a huge profit of 1 trillion, but the sale of gas yielded at least two thirds of this amount. Balance - revenues from "non-core" areas - "Gazprom oil" (formerly "Sibneft", acquired from Roman Abramovich for $ 13 billion), and energy units, which he had acquired in the course of active participation in the privatization of RAO "UES of Russia" . Permanent "gas war" between Russia and the CIS countries, unceremonious entrance into the project "Sakhalin-2", control over which formerly belonged to Shell, the conflict over the Kovykta field, a sudden failure of partnerships with foreign companies in the Shtokman development project - all of it undermines the confidence of foreign investors to Russia's economy and makes us think about the complete absence of rules. As a result of the section "Yukos' assets attractive, almost all went to" Rosneft ", but according to unofficial information, Sergei Bogdanchikov were supposed to only Samara assets (in particular, producing enterprise" Samaraneftegaz "and three refineries). "Gazprom", in turn, claimed the East Siberian and gas assets. But was only recently and not once - with 20% of "Gazprom oil" they went to the Italian Eni and Enel, later transferred to their monopoly. Initiated by the Alexei Miller campaign to recover assets lost in the concern that the previous leadership certainly played a positive role in the history of the company. But many of them (eg, "Sibur", media companies, "Sibneftegaz", "Yamal LNG") got in the end Gazprombank, control over which "Gazprom" Alexei Miller at lost. The culmination of the policy of getting rid of non-core assets was the sale of shares of Gazprombank 9.4% "Novatek" at a price one third lower than the market. It would seem that the stagnation in the main mining assets was to get leadership group to increase capital investment in exploration and production of raw materials. But no - the priority of investment activity of the gas monopoly clearly shifted toward export-oriented gas transportation projects, as well as purchases of assets in related industries. As a result, production of "Gazprom" in 2010 was lower than in 2000 - 509 billion cubic meters against 523 billion