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March 12, 2004

Results of EUROPOL Gazís supervisory councilís meeting

On March 9, 2004, Warsaw hosted a Meeting of EuRoPol GAZís Supervisory Council (SC), presided by Alexander Ananenkov, the SC Chairman and Deputy Chairman of Gazpromís Management Committee.

The Meeting was also attended by the SC members: Konstantin Chuichenko, Gazpromís Management Committee Member and Head of Gazpromís Legal Department, Alexander Medvedev, Gazpromís Management Committee Member and Gazexportís Director General and Stanislav Tsygankov, Head of Gazpromís Foreign Relations Department.

EuRoPol GAZís Management Committee informed the SC of the Supplementary Contract on natural gas transportation, concluded with Gazexport. The Contract reflects the partiesí agreements to increase the gas pipeline capacity ordered as well as envisages a new level of the tariff rate approved by the Polish Energy Regulation Authority in December 2003. EuRoPol GAZís Management Committee pointed out that EuRoPol GAZ had so far failed to adopt a similar supplementary contract with PGNiG, to be, expectedly, adopted, however, in the nearest future.

At the same time, EuRoPol GAZís Management Committee reported the companyís debt restructuring to the core shareholders, Gazprom and PGNiG. The Agreement on repaying the debt to Gazprom by installments has been prepared for adoption and will shortly be submitted to EuRoPol GAZ. The Paper is expected to take effect after EuRoPol GAZ and PGNiG have concluded a similar agreement.

The SC was informed of the work done in altering EuRoPol GAZís Articles. The companyís official stated that most issues on bringing EuRoPol GAZís Articles in compliance with Polandís legislation had been coordinated already but the issues on changing the corporate management scheme still needed to be additionally analyzed.

The Meeting paid special attention to the construction of the Ciechanow and Szamotuly compressor stations. EuRoPol GAZís Management Committee informed the SC of the agreements concluded with contractors, construction completed and planned as well as compressor turbine testing. The SC commissioned EuRoPol GAZís Management Committee to coordinate together with Gazprom the timing of the construction of the Zambrow compressor station with the view of synchronizing commissioning of capacities at the facilities of the Polish and other sections of the Yamal-Europe gas pipeline.


The JSC EuRoPol GAZ Transit Gas Pipeline System was incorporated in September 1993 within the frames of the Inter-Governmental Agreement between Poland and Russia on the Construction of a Gas Pipeline System for Transiting Russian Gas via Poland and Delivering Russian Gas to Poland, dated 25 August 1993. EuRoPol GAZís major business lines are design, construction and operation of the Polish section of the Yamal-Europe gas pipeline.

EuRoPol GAZ owns a Poland-situate 684-km-long section of the Yamal-Europe gas pipeline as well as the Kondratki and Wloclawek compressor stations, which make the Polish section throughput some 22 bcm per annum.

EuRoPol GAZís shareholders are Gazprom and PGNiG (the Polish State Oil and Gas Company).





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