OREANDA-NEWS. June 17, 2008. The Annual General Meeting of Shareholders of Stroytransgaz was held in the company’s central office in Moscow on June 10, 2008.  The meeting approved the annual report and financial statements of the company for 2007. Financial statements included the statement of profit and loss for the Stroytransgaz group of companies.

The company fulfilled contract work of 41.1 billion rubles during 2007. Income for the period, without cost of materials and customer equipment, rose by one percent. The share of work completed employing the companies own resources during 2007 grew to 30 percent (without considering subsidiaries and dependent companies), which is 17 percent above the level of that indicator during 2006.

Last year Stroytransgaz achieved an important strategic goal, that of diversifying its customer portfolio by sector and by customer. The main changes came about by raising the percentage of contracts implemented in the Russian oil industry and in foreign construction.

Today virtually all large Russian oil and gas enterprises and many foreign companies – among them Gazprom, LUKOIL, Rosneft, Transneft, TNK_BP, Salym Petroleum Development, Saudi Aramko, SONATRACH, Indian Oil Corporation, Syrian Gas Company, and DEPA –make use of Stroytransgaz’s services. 

Stroytransgaz strengthened its position and expanded activities in international markets. In 2007 the share of foreign contracts in the company’s revenue rose to 21 percent.  During the year the company continued its work in Algeria, Greece, India, and Syria.  Stroytransgaz was the first Russian company to enter the construction market in Saudi Arabia. It did so through a contract to build the Sheiba-Abqaiq oil pipeline. Stroytransgaz opened a branch office in the United Arab Emirates in 2007 and began negotiations for a role in reconstructing the Kirkuk-Baniyans oil pipeline in Iraq.

Company efforts to diversify customers by orienting itself toward the largest Russian oil companies brought excellent results. The share of such projects in Stroytransgaz’s revenue for 2007 was 53 percent.

In the beginning of 2007, Stroytransgaz entered the promising electric power construction market, where it began working to build the Yugo-Zapadnaya cogeneration plant in St. Petersburg and the fourth energy block at the Kalinin nuclear power plant.

The company posted net profit of 428.236 million rubles for 2007.  In accordance with a decision of the Annual General Meeting of Shareholders of Stroytransgaz, net profit for 2007 will be returned to the company at its disposition for growth. Dividends for 2007 will not be paid. 

Shareholders selected FBK as Stroytransgaz’s auditors for 2008.

The meeting elected the Auditing Commission, which will comprise I. A. Novikov, A. P. Pyrenkov, and V. A. Troschilov and endorsed a number of transactions whose execution is of proprietary interest and which may be executed in the future in the normal course of business.

The Annual General Meeting of Shareholders of Stroytransgaz approved new versions of the company’s charter and provisions governing the Board of Directors and the Management Board.

As a result of cumulative voting, the Annual General Meeting of Shareholders of Stroytransgaz formed the Board of Directors of the company. Those elected were: Mikhail M. Arustamov, first vice-president of Transneft; Vladimir A, Dmitrev, chairman of Bank for Development and Foreign Economic Affairs (Vnesheconombank); Pavel A. Zablotsky, vice-president Rosneft; Farid M. Kantzerov, deputy chairman of the Management Board of Gazprombank; Alexander V. Krasnenskov, general director, Baltiyskiy Szhizhennyi Gaz; Victor Lorents, chairman of the Management Board and president of Styroytransgaz; Alexey A. Matveev, deputy chairman of the Management Board of Gazprombank; Leonid V. Mikhelson, chairman of the Management Board of NOVATEK; Mikhail L. Sereda, deputy chairman of Gazprom’s Management Committee and head of Administration of Gazprom’s Management Committee; Eduard Y. Khudainatov, general director, Severneftegazprom; Alexander O. Shmidt, member of the Management Board and first vice-president of Gazprombank.