Alexander Ananenkov, Deputy Chairman of the Gazprom Management Committee, held at the Company’s Headquarters a meeting dedicated to arranging Russian natural gas supplies to the Republic of Korea.

Participating in the meeting were representatives of the Company’s specialized subdivisions and subsidiaries.

The participants reviewed the progress with the studies currently performed by Gazprom and Kogas on the project for arranging Russian natural gas supplies to Korean consumers.

Based on the meeting results Gazprom’s specialized subdivisions and subsidiaries were entrusted with the tasks aimed at completing the studies and preparing managerial decisions aimed at the project execution.

Background:

On May 12, 2003 Gazprom and Korean Kogas entered into the five-year Cooperation Agreement, which was extended for another five-year term in 2008. The Agreement embraces a wide spectrum of issues including the study of possible ways to deliver Russian natural gas to Korea.

To implement the Agreement the parties set up the standing Joint Working Group.

On October 17, 2006 Seoul saw the signing of the Agreement of Cooperation in the gas industry between the Government of the Russian Federation and the Government of the Republic of Korea, pursuant to which Gazprom and Kogas were identified as authorized companies overseeing natural gas deliveries from Russia to the Republic of Korea.

On September 29, 2008 Gazprom and Kogas signed the Memorandum of Understanding on natural gas supplies from Russia to Korea.

On June 23, 2009 Gazprom and Kogas signed the Agreement to jointly explore the project for natural gas supply from the Russian Federation to the Republic of Korea.