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GAZPROM

December 23, 2004

Board of Directors addresses Rosneft’s takeover issue

A Board of Directors’ meeting is taking place at Gazprom’s Headquarters.

The Board of Directors addressed the Rosneft’s takeover by Gazprom issue, hearing a report on the deal execution arrangements, including on the asset market value assessment, transaction structure development & expertise and adequate governmental and corporate decision-making.

In debating the issue, the meeting was guiding by the RF President’s Decree to make changes to a list of strategic measures to be stepped up for the deal completion as well as by the Government’s Resolution to privatize Rosneft’s shares by contributing them into the authorized capital of a company to be Gazprom’s oil arm.

Undergoing the final stage of evaluation and scrupulous analysis, the Rosneft’s takeover transaction is due through January 2005 pursuant to a preset timetable.

In this regards, the Gazprom’s 2005 investment program and budget issue was delayed until the next Board meeting. At the same time, the Board agreed to temporarily finance Gazprom’s 2005 budget targets in the average monthly amount spent by the Company over 2004.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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