Moscow, 25 March 2005. The Board of Directors of OAO NOVATEK, one of the leading gas producers in Russia, reviewed the results of the Company’s financial and economic activities (prepared in accordance with Russian statutory accounting) in 2004.

Gross sales for 2004 were RR 23.227 bln (net of VAT) and net profit was RR 5.182 bln. In 2004, OAO NOVATEK sold 16.2 bln m3 of natural gas and 3.056 million tons of liquid hydrocarbons. Natural gas sales amounted to RR 12.644 bln, and sales of oil and oil products totaled RR10.520 bln.

Cautionary statement relevant to Forward-looking information:

 Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of NOVATEK. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that we cannot predict with certainty. Words such as “anticipates”, “expects”, “intends”, “plans”, “targets”, “projects”, “believes”, “seeks”, “estimates”, and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.