Aug 25. Gazprom's BoD has approved in absentia an increase in the charter capital of Gazoenergeticheskaya Kompaniya (GEK) by contribution of the gas concern's 53.47% stake in Mosenergo and a 11% stake in TGK-1 and also the acquisition by GEK from Gazprom of 17.7% of shares in TGK-1. According to the gas concern's press release, transactions to consolidate newly acquired utilities assets on GEK's balance sheet will be performed with a view to establishing a single corporate governance system for utilities assets in compliance with the requirements for Gazprom's corporate governance system. As reported earlier, in the future shares in OGK-2 and OGK-6 could be switched to GEK's balance sheet. In April 2007 Gazprom's BoD approved the concern's strategy in the utilities industry aimed at raising the company's market cap by an increase in return on equity, optimization of fuel balance in Russia and creation of synergetic effect of the gas and utilities sectors. The strategy provides for formation of a holding company for consolidation and integration of utilities assets in the Gazprom Group. Gazprom's 100% subsidiary Gazoenergeticheskaya Kompaniya will act as such a consolidation hub.