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Gazprom

September 28, 2005

Board of Directors inscribes Gazprom’s buying into Sibneft issue on its nearest meeting agenda

JSC Gazprom’s Board of Directors has convened on a meeting at the Company’s Headquarters.

On calling the meeting to order, Dmitry Medvedev, Chairman of the Board informed the Board Members of the deals between Gazprom and Millhouse Capital on the purchase/sale of a 72.663 percent stake in JSC Sibneft, and between Gazprom and Gazprombank on the purchase/sale of a Sibneft 3.016 percent stake.

Pending endorsement by the Board, the transactions will be addressed at its nearest meeting, with appropriate documentation already forwarded to the RF Government for its decision on the voting by the state’s representatives on the Board.

“Buying into Sibneft pursues the objective of meeting a Gazprom strategic challenge to convert into a global energy company and a leading player on the global energy market. Executed on transparent market-based terms, the deal will allow Gazprom to enhance its positioning in the oil sector of the Russian economy. Reinforcing the corporate standing in the oil branch represents a step towards solidifying the Russian market of energy carriers, promoting its equilibrium and providing sustainable deliveries of refining products to consumers,” – said Dmitry Medvedev, Chairman of Gazprom’s Board of Directors.

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