Gazprom for vouchers. Fifteen percent of the stock was allocated to Gazprom employees. The state retained 40% of the shares. That amount was gradually lowered to thirty-eight percent. Trading of Gazprom's shares was heavily regulated. Foreigners were prohibited from owning more than nine-percent of the shares. In October 1996, 1% of Gazprom's equity was offered for sale to foreigners as Global Depository Receipts. In 1997, Gazprom offered a bond issue of US$2.5 billion. Chernomyrdin, as Prime Minister of Russia, ensured Gazprom avoided tight state regulation. Gazprom evaded taxes, and the Government of Russia received little in dividends. Gazprom managers and board
Department of Energy (Philippines) 9367 or "Biofuels Act of 2006", and RA No. 9513 or "Renewable Energy Act of 2008. The Department is headed by the Secretary of Energy who is assisted by three Undersecretaries and three Assistant Secretaries. Under the Department are the Administrative Service, Financial Service, Information Technology and Management Service, Legal Service and Energy Research Testing and Laboratory Service. The Department is composed of the following bureaus: The following units, agencies and corporations are attached to the Department: Due to the rapid growth of the country's population and the interrelated growing of the country's demand for energy, the Department of Energy