The regular meting of the Board of Directors is being held at the Gazprom Headquarters.

The Board of Directors reviewed information on preliminary operating results in 2006 and took as a basis Gazprom’s preliminary operating results over 2006, draft Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2007 and projections through 2009.

The Board approved general standards of budget and investment programs development. The Board decided to complete said documents taking into consideration the discussion held and examine the documents at absentee meeting up to the end of 2006.