OREANDA-NEWS. June 04, 2013. The shareholders of Moldovagaz are going to use some money from the reserve fund to cover the expenses of the previous years that were present as of January 1, 2013. According to the general annual meeting of Moldovagaz shareholders that was in Chisinau, on Friday, it was decided that the income for 2013 will be distributed in the following way: 95% of net profit would go to cover the expenses of the previous years and 5% would go to the reserve found. Generally, 11 questions were included to the agenda.

The financial and annual reports, the Reserve Commission, and the Supervisory Board for 2012 were approved by the shareholders. PricewaterhouseCoopers Audit was chosen as auditing company for 2013. The new body of Supervisory Board was chosen as well: Valeriu Golubev, Deputy Chairman of the Management Committee of Gazprom, Nikolai Dubik, Executive director in Gazprom Finance, Head of the Department for working with the neighbouring countries, Gennady Abashkin, director of Gazprom office in Moldova, Octavian Calmic, Deputy Minister of Economy, and Vadim Ceban, Director of the Department for energy security and efficiency, Ministry of Economy of Moldova.

As to the Action Plan for Moldovagaz, the administration has to design the long-range plan for 2013-2015 and adjust it with Gazprom and the Ministry of Economy; then introduce it for consideration by the Supervisory Board. The losses of Moldovagaz made MDL 174.36 million (USD14 million) in 2012 versus the income of MDL 52.36 million in the previous year.

 The sales volume grew 12.6% to MDL 5 billion 689.6 million in 2012 versus 2011; the sale costs grew 10.2% to MDL 5 billion 601.9 million. Moldovagaz was founded in 1999. The authorized capital made MDL 1.33 billion. Gazprom holds 6 million 664 thousand 540 shares or 50%, Moldovan government holds 4 million 708 thousand 876 shares or 35.33% and Transnistrian administration holds 1 million 791 thousand 306 shares or 13.44%.