The strategy aims to obtain synergy benefits in the gas and power generation sectors.

Management also approved recommendations for the long-term business development strategy on European power generation and prospective evaluation of Gazprom’s participation in European energy assets.

Meanwhile, the board agreed on Gazprom’s acquisition of not more than 11.5 billion shares of an additional share issue in Moscow utility company Mosenergo.

In a statement the company said that power generation is a Gazprom investment policy priority to ensure a significant synergy effect given a large share of natural gas in the fuel balance of energy companies.

At present, Gazprom holds nearly 20% in Mosenego, which annually consumes more than 20 bcm of gas.

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