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Russian minister to become member of Gazprom board instead of independent director — media

The move will enable the Economic Development Ministry to at least receive direct access to information about the company’s investment plans, Kommersant business daily notes

Russian Economic Development Minister Alexey Ulyukayev Sergey Savostyanov/TASS

Russian Economic Development Minister Alexey Ulyukayev

© Sergey Savostyanov/TASS

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MOSCOW, January 19. /TASS/. Russia’s Economic Development Minister Alexey Ulyukayev may become a member of the board of directors of Russia’s gas giant Gazprom, Kommersant business daily reported on Tuesday with reference to several sources familiar with the matter. The Minister appears on the list of candidates to stand for election to the company’s board of directors at annual shareholder meeting, which is being prepared by the government. Currently, the list is being accorded with the Presidential Administration, the newspaper wrote.

According to Kommersant, no other changes are implied among candidates to stand for election to Gazprom board from the government while Ulyukayev is expected to take the position of Valery Musin, who passed away late last year. Thus, in case the Minister's candidacy is approved only one independent director will remain in the company’s board — Chairman of the Legal Entities Association Kazenergy and former Chairman of the Management Board of Samruk-Kazyna National Welfare Fund.

Ulyukayev may become the second member of the government to enter Gazprom board of directors after Energy Minister Alexander Novak.

The move will enable the Economic Development Ministry to at least receive direct access to information about the company’s investment plans. According to Kommersant sources in the government, though Gazprom’s investment program is strategically important for defining indicators of Russia’s economic growth it’s often difficult to obtain this kind of information from the company.

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Alexey Ulyukayev Oil & Gas Gazprom Economic Development Ministry

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