The distance from Red Square to Wall Street is 7533 kms; we've helped Russia's leading companies make the trip a lot more manageable.(The Bank of New York)(Gazprom Russian Joint Stock Co., Lukoil, Moscow City Telephone Network)

Research, December, 2003

Gazprom's principal activity is the distribution, refining and transportation of gas. The Company operates one of the largest gas pipeline systems in the world and is responsible for substantially all gas production and high pressure gas transportation within the Russian Federation. The Company is also a major exporter of gas to European countries. The Company operates under the following divisions: Production: exploration and production of gas and other hydrocarbons; Refining: processing and sale of gas condensate and other hydrocarbons; Transportation: transportation and sale of gas; Distribution: domestic and export sale of gas. Distribution accounted for 82% of 2002 revenues; leasing, 14%; transport, 3%; and other, 1%.

LUKOIL is the second largest private...

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