Gazprom Neft doubles its tax payments to the city of St Petersburg in 2011

Press-release

In 2011 Gazprom Neft paid around 22.5 billion roubles in tax to the St Petersburg city budget, almost twice the amount paid in 2010.

The increase in tax payments is due, first and foremost, to the company’s having achieved a record financial performance in 2011, resulting from favourable marketing conditions, an increase in the refining and production volumes, optimisation of the sales structure, and the implementation of efficiency-boosting measures within all company’s activities. Gazprom Neft’s hydrocarbon production increased by almost 8% compared to 2010, reaching 57.3 million tons of oil equivalent, with the refining volume increasing by 7% — up to 40.5 million tons.

The Chairman of Gazprom Neft Management Board Alexander Dyukov said:

“Gazprom Neft has been registered in St Petersburg since 2006, and has been the city’s largest taxpayer for the last five years. The North-West region is strategically vital to the company; ‘Gazpromneft’ filling station network is developing fast here, the bunkering business is also growing, we are increasing our sales of jet fuel, the Gazprom Neft Research & Development Centre is located in St Petersburg, and at the end of last year the company relocated its main office to the city. Gazprom Neft takes a great interest in the dynamic development of St Petersburg, and I am sure that such a significant increase in the company’s tax payments to the city budget will help to implement a number of important social and infrastructure projects, as well as providing additional funds to preserve the architectural heritage of the Northern Capital” of Russia.