OREANDA-NEWS. August 13, 2012. A first meeting was held under the new composition of the Board of Directors of JSC TGC-1, elected by the annual General Meeting of Shareholders.

Kirill Seleznev, Board Member, Head of Gas and Liquid Hydrocarbons Processing and Marketing of JSC Gazprom, was elected Chairman of the Board of Directors. Denis Fedorov, Head of Electricity Sector Development and Marketing of JSC Gazprom, and General Director of LLC Gazprom Energoholding, and Alexander Chuvayev, Executive Vice-President, and a Board member of Fortum Corporation, and President of the Russian division of Fortum Corporation, and General Director of JSC Fortum were elected to be Deputy Chairmen.

The Board of Directors also considered the issues of adjustment of the Company’s investment program. The volume of the investment program in 2012 is 12.3 billion rubles, of which 7.3 billion are directed toward the projects of Pravoberezhnaya CHP Plant, Pervomayskaya CHP Plant and the Vuoksa HPP Cascade.

In addition, there was a discussion of the refined plan to increase shareholder value of JSC TGC-1. Based on the results of company activity in the first quarter of 2012, the Board of Directors recommends including a reduction of the duration of repairs, optimization of the procurement system, reduction of accounts receivables, and sale of noncore assets as main activities of the program.