The Supervisory Board of EuRoPol GAZ has convened on a meeting moderated by Krzysztof Glogowski, Deputy Chairman of the Supervisory Board, representative of PGNiG.

Present at the meeting on the Russian side were Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Stanislav Tsygankov, Head of the Gazprom International Business Department and Sergey Yemelyanov, Deputy Director General of Gazexport.

The Supervisory Board reviewed and recommended the upcoming ordinary General Shareholders Meeting to approve the following documents:

• Financial Report of EuRoPol GAZ for 2005;
• Report of the Management Board;
• Proposal of the Management Board on the allocation of profit for 2005 on the condition that the EuRoPol GAZ Management Board develops and presents to shareholders a virtuous mechanism ensuring efficient shareholder fund planning and utilization.

The meeting also discussed other issues falling under the authority of the Supervisory Board.

Reference:

The EuRoPol GAZ Transit Gas Pipeline System joint-stock company was incorporated in September 1993 within the Inter-Governmental Agreement on the construction of a gas pipeline system for Russian gas transit via and Russian gas deliveries to Poland, dated August 25, 1993. EuRoPol GAZ’s major businesses are designing, constructing and operating the Polish stretch of the Yamal-Europe gas pipeline.

EuRoPol GAZ is owner of Yamal-Europe’s 684-km-long stretch in Poland, which has a total capacity of 32.9 bcm.

EuRoPol GAZ’s major shareholders are Gazprom and Polish Oil & Gas Company (PGNiG).

Poland annually consumes about 12 bcm of gas, including some 30 per cent produced domestically. Over 2005 Poland imported 7.03 bcm of Russian gas.