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President Putin said the state, which was Gazprom’s majority shareholder, would call on the company to reduce outlays and improve performance but would not support any plans to divide Gazprom.

Mr Putin said Gazprom now accounted for 20% of budgetary revenues and that the company must implement well thought-out long-term programmes for the sake of Russia’s sustainable economic development. He said Gazprom’s operations in European and Asia-Pacific markets were a top priority.

President Putin noted once again that corporate reorganisation was impossible, unless the state and Gazprom clarified their position on the issue.

The President called on Gazprom’s top managers to diversify gas-transportation routes.