• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours How Is Greenland Dealing With Climate Change?
  • 44 mins China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 12 hours "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 4 hours How Much Oil Does Aramco Have?
  • 2 hours Venezuela continues to sink in misery
  • 15 hours China's Exports Shrink Most In Two Years, Raising Risks To Global Economy
  • 1 day Solid-State Batteries
  • 16 hours BofA Sees Oil at $35-70
  • 10 hours Spy&State: Huawei Founder Says Firm Does Not Spy For China
  • 29 mins Socialists want to exorcise the O&G demon by 2030
  • 11 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
  • 23 hours protests in Canada over pipeline
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 17 hours Bolsonaro Wins in Brazil
Mexico Hedges Oil at $55 A Barrel

Mexico Hedges Oil at $55 A Barrel

Mexico’s annual ‘hacienda hedge’ is…

Gazprom Re-Elects CEO Alexei Miller for Fourth Term

Russia’s Gazprom today announced that its Board of Directors has re-elected current CEO Alexei Miller, effective May 31, 2016. The appointment will be Miller’s fourth five-year term, ending his chairmanship in 2021.

Miller has served as Chairman of the Management Committee for Gazprom since 2001, and as Deputy Charmain of the Gazprom Board of Directors since 2002.

Before his Gazprom career, Miller served as Deputy Energy Minster of the Russian Federation.

“The Board of Directors addressed the issue of electing Gazprom Management Committee Chairman and unanimously decided to re-elect Alexei Miller as Gazprom Management Committee Chairman for a 5-year term starting from May 31, 2016.” Gazprom said in a Tuesday statement.

Related: Oil Markets Unimpressed By Crude Output Freeze

Miller was last re-elected in 2011 for a five-year term.

Despite lower energy prices, with Miller at the wheel, Gazprom reported a 9 percent increase in total sales of natural gas in 2015, compared with the same period in 2014. Russia, primarily an exporting country, was expected to be hit hard by the low-price environment.

In other Gazprom news, Ukrainian Naftogaz announced today that it was prepared to go to court to settle payment terms with Gazprom. Gazprom had earlier accused Naftogaz of siphoning off $5.8 million in Russian gas while being pumped through Ukraine—an accusation Naftogaz has denied.

Related: Oil Markets Disappointed By Production Freeze

"These accusations are absolutely groundless. This is what we prove within the framework of the [Stockholm] arbitration," Naftogaz business development director Yury Vitrenko wrote on his Facebook page late on Monday.

According to Vitrenko, the claims filed by both Gazprom and Naftogaz in Stockholm courts are in the billions of dollars.

According to a Tuesday press release, “Naftogaz expects that the parties will find a way to resolve the issue in line with standard European gas market practices, including through arbitration.”

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News