The Board of Directors approved the work done within Gazprom's Oil Business Strategy, with Gazprom Neft being primarily responsible for this sector. It was highlighted that Gazprom was among the domestic oil industry leaders. Between 2006 and 2011 the annual oil production by Gazprom Group (accounting the oil volume produced by affiliates and joint ventures, in proportion to the ownership stake) has increased by 18 per cent - from 45.6 to 53.9 million tons. Such growth in volumes has been achieved through development of the existing oil assets and acquisition of stakes in the new ones.

As compared to 2010, in 2011 the refining volumes of Gazprom Neft increased by almost 7 per cent to 40.5 million tons and the sales via the premium segments increased by more than 37 per cent - to 19.55 million tons.

Tags: Gazprom