Gazprom Neft Completes Preparation of the Sustainable Development Report for 2007

JSC Gazprom Neft completes preparation of the Sustainable Development Report for 2007. Penal discussion was held on May 14 to consider the draft and to introduce all necessary amendments. It was attended by the management of JSC Gazprom Neft, representatives of World Wildlife Fund (WWF), KSO Center of the Graduate School of Management of Saint Petersburg State University, Russian Institute of Directors, Russian Union of Industrialists and Entrepreneurs (RSPP), Standard&Poor’s Rating Agency, consultants of Ernst&Young, heads of non-for-profit organizations and major Russian companies such as Rosneft, Renova, Sual, Suek, Sibur, etc.

Gazprom Neft will be the first oil and gas company in Russian to present in its report information on key indicators, in compliance with G3 Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI), Guidelines of the International Petroleum Industry Environmental Conservation Association and American Petroleum Institute and the Basic Performance Indicators of RSPP.

During the penal discussion the management of Gazprom Neft proposed to the other Russian oil companies to arrange a special meeting in order to develop common unified requirements for preparation of non-financial statements and improvement of their comparability. This proposal is caused by the fact that at present many Russian oil companies have certain experience in generation of non-financial statements, but the structure and contents of these statements differ very much.

Gazprom Neft intends to develop sustainability reporting systems and processes and to publish such reports on a regular basis.

Kirill Kravchenko, Deputy Chairman of the Management Board of JSC Gazprom Neft, said: "Reporting is, first of all, a tool to improve efficiency of the Company, it is not a PR measure. “