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GAZPROM

October 29, 2004

Gazprom’s Management Committee approves changes to Gazprom’s budget and investment program for 2004

Gazprom’s Management Committee reviewed yesterday Gazprom’s operations for the 1st quarter of 2004, updated corporate economic and investment parameters as well as changes to the Company’s Budget for 2004.

The Management Committee gave a positive evaluation of Gazprom’s business over the 1st half of 2004.

The Management Committee ratified Gazprom’s Draft 2004 budget (financial plan) updated based on the 1st half operating highlights, given the changed budget formulation scenarios, preset economic parameters, RF legislation and resolutions adopted by the Company’s managing bodies. Simultaneously, the Management Committee approved a Draft project on amendments into Gazprom’s 2004 Investment Program. The updated Draft budget and investment program are pending ratification by Gazprom’s Board of Directors.

In accordance with the updated Budget, corporate financial borrowings will remain unchangeable, totaling RUR 150 billion, with cash surplus to account for RUR 1.1 billion.

Under the updated Investment Program, capital investments are proposed to be increased by RUR 13.21 billion, resulting in RUR 205.55 billion. Long-term financial investments have been slashed by RUR 0.52 billion to RUR 19.48 billion.

Thus, the Investment Program is proposed to grow RUR 12.69 billion, ending up in a total of RUR 225 billion.

The need to increase the capital investment amount stems, first and foremost, from soaring metal output prices. In particular, increased rolled sheet (steel strip) prices made manufacturers to raise large-diameter pipe prices by 5-13% (depending on pipe kinds) in February and by an average of 22% over March to April to the level of existing prices. As a result, capital investments jumped RUR 14.9 billion.

The 2004 Investment Program aims to meet Gazprom’s long-term challenges targeted at making guaranteed gas deliveries to the Russian Federation consumers and fulfilling contractual gas export commitments, which is closely linked with Russia’s Energy Strategy to 2020.

Parameters of production capacities projected to be commissioned in 2004, are in line with the preset target.

Reference:

Over the 1st hlf of 2004, Gazprom provided all its customers with 250.55 bcm of gas via the United Gas Transmission System, 2.5 bcm (0.8%) up on the target. Said jump took place due to increased gas exports to outside the FSU (by 2.4 bcm) and the CIS and Baltic States (0.4 bcm). Gas export earnings grew over the period by RUR 0.8 billion, as compared to the target.

Gazprom’s overall earnings for the 1st quarter of 2004, taxes inclusive, totaled RUR 535.4 billion, RUR 3.2 billion up on the target (100.6%).

Gazprom’s sales profit for the reporting period and net profit for January-June 2004 accounted for RUR 103.3 billion (RUR 5.5 billion on the target) and RUR 62.8 billion (99.8% against the target for the 1st half of 2004), respectively.

On 27 January 2004, the Board of Directors approved Gazprom’s Budget (Financial Plan) and Investment Program for 2004.

Gazprom’s investments for 2004 were planned at RUR 212.3 billion, including RUR 192.3 billion in capital investments and RUR 20 billion in long-term financial investments.

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