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Gazprom

June 17, 2004

Outcomes of Europol GAZíS Supervisory Council and Shareholders' Meeting

On 16 June 2004, Warsaw hosted a meeting of EuRoPol GAZís Supervisory Council (SC), headed by Alexander Ananenkov, the SC Chairman and Deputy Chairman of Gazpromís Management Committee. Konstantin Chuychenko, the SC Member, Gazpromís Management Committee Member and Head of Gazpromís Legal Department also took part in the meeting on behalf of Russia.

The SC ratified a report by EuRoPol GAZís Management Board (MB) on the corporate operating highlights for 2003, financial report for 2003, the MB's proposals to the General Shareholders' Meeting on profit allocation for 2003 and the SC's report for 2003.

The SC members took into account information by the MB on a current state of affairs with the construction of the Ciechanow, Szamotuly and Zambrow compressor stations, heard a report on the measures stepped up by EuRoPol GAZ for completing the construction of a fibre optical communications line at the Polish section of the Yamal-Europe gas pipeline as well as became acquainted with a report by the MB on the existing Polish legislation covering the natural gas transit VAT rate.

The SC paid special attention to the issue of constructing an administrative building of EuRoPol GAZ in Warsaw.

On 17 June 2004, EuRoPol GAZ hosted an ordinary General Shareholders' Meeting. Gazprom was represented at the Meeting by Konstantin Chuychenko, Gazpromís Management Committee Member and Head of Gazpromís Legal Department.

The Shareholders' Meeting approved actions of the MB members in 2002 and 2003, ratified the report by EuRoPol GAZís MB on the corporate operating highlights for 2003 as well as the financial report for 2003.

EuRoPol GAZ's shareholders reviewed and ratified the SC's report for 2003, adopted a resolution on profit allocation for 2003 and approved the SC members' performance for 2003.

Reference:

EuRoPol GAZ Transit Gas Pipeline System was incorporated in September 1993, within the Inter-Governmental Agreement on the construction of a gas pipeline system for Russian gas transit via and Russian gas deliveries to Poland, dated 25 August 1993. EuRoPol GAZís major businesses are designing, constructing and operating the Polish section of the Yamal-Europe gas pipeline.

EuRoPol GAZ owns 684 km of the Yamal-Europe gas pipeline in Poland as well as the Kondratki and Wloclawek compressor stations making the gas pipeline annual throughput some 22 bcm. EuRoPol GAZís major shareholders are Gazprom and the Polish Oil and Gas Company (PGNiG).

Poland annually consumes about 12 bcm of gas, including some 30% produced domestically. In 2003, Poland imported some 7.3 bcm of Russian gas, including 2.9 bcm received through the Yamal-Europe gas pipeline.

At present, Poland and Germany daily receive some 8.6 and 56 million cubic meters, respectively, via the Yamal-Europe gas pipeline.

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