According to the press service of Gazprom, Russia's gas giant, Alexei Miller, its Chairman of the Board, and Stephan Newhouse, his counterpart at the Morgan Stanley International bank, got together to discuss the preparation of a USD 750 million worth issue of Eurobonds for a term of 10 years. Miller and Newhouse made a joint statement to the effect that strategic cooperation between the two companies was feasible and would be further discussed during the Russian-American energy summit in Houston, Texas, in October 2002.
The Gazprom gas company was established in February 1993 when the state-owned concern of the same name went public. The predecessor was set up in 1989. Gazprom accounts for over 20% of the world's and 94% of Russia's gas market, 8% of Russia's GDP, and 4% of all taxes collected in the country. Its stockholders, including individuals, number over 500,000.