Putin to put pressure on Gazprom

09 July 2001 00:00  [Source: ICB]

The battle for control of Russian gas giant Gazprom was won by the government last week following a sixth government appointee being forced on to the company's member board at the company's agm.

Russian President Vladimir Putin has now asked the Russian Federal Securities Commission to investigate 'misspent enormous sums'.

The Russian leader also intends to use his new found influence on the board to force Gazprom into reforming its business practices. These have long been the subject of allegations of asset stripping (ECN 11 June 2001).

Gazprom also produced 2000 financial results showing an operating profit of Rouble131bn ($4.5bn), up 385% from Rouble27bn in 1999. Sales for 2000 increased 35% to Rouble540bn boosted by export sales and the recovery in oil prices.

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