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GAZPROM

August 27, 2004

Meeting of working group for Gazprom’s Intra-Corporate Governance Structure Improvement held

Gazprom’s Headquarters hosted today an ordinary meeting of the Working Group for the Company’s Intra-Corporate Governance Structure Improvement, presided by Alexander Ananenkov, Acting Chairman of Gazprom’s Management Committee.

The Working Group discussed proposals on the foundation of a specialized underground gas storage company. The new company is planned to integrate all Gazprom’s underground gas storage facilities under leasing terms. The meeting particularly underscored that the new business would bolster financial flow transparency in natural gas transmission and the Company’s shifting over to setting a substantiated common gas transportation tariff for Gazprom and independent gas producers.

The Working Group also addressed the issue of structural changes in the capital construction sector. The parties deliberated on proposals in regards to the establishment within Gazprom of an integrated client center with the view of rendering capital construction, upgrading and technical modernization subcontracting services.

In addition, the meeting considered various options of Gazprom’s social infrastructure restructuring. The parties addressed potential consolidation and singling out from the Company’s core businesses medical institutions, sanatoria, resorts as well as recreation facilities. As it was pointed out, further measures in said direction should be stepped up consecutively and in several stages.

At the end of the meeting the parties resolved to produce structured mutually agreed proposals on the corporate governance system improvement alongside with feasibility and legal studies.

Reference:

Gazprom’s intra-corporate governance structure is being improved within the 2nd phase of the Company’s restructuring mainly targeted at enhancing Gazprom’s operating efficiency as a vertically integrated organization and optimizing its subsidiaries’ core businesses.

Gazprom has so far practically met the major challenges targeted for the 1st phase of its restructuring – improving the governance structure, regulatory procedures and budgeting system of the parent company.

The intra-corporate structural changes are expected to result in the completion of work aimed to unbundle financial flows in the extraction, transmission, processing, underground storage and marketing of gas and liquid hydrocarbons.

In addition to the concentration of core businesses, Gazprom’s internds to single out maintenance agencies, distribution networks, social infrastructure facilities and separate technological and commercial communications services.

Said changes will allow Gazprom to have absolutely transparent gas transmission, production and marketing expenses, which is important for setting reasonable transmission tariffs. By consolidating its core businesses, the Company will raise the efficiency and quality of all its subsidiaries’ operations.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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