Chaired by Alexander Ananenkov, Deputy Chairman of the Gazprom Management Committee a meeting on matters relating to the Sakhalin II project implementation took place today at the Headquarters of Gazprom.

Attending the meeting were heads and specialists of the Company's core business units.

The meeting considered the results of the working visit of Gazprom specialists to the production facilities of Sakhalin Energy. In particular, during the trip the working group visited the Lunskaya offshore production platform, onshore processing facility, onshore oil and gas pipelines under construction, booster station ?2 and LNG production plant, as well as reviewed the status of implementation of the business plan based on the results of the Sakhalin II infrastructure inspection carried out by Gazprom specialists in September 2007.

The participants of the meeting pointed to a positive trend in project infrastructure construction and defined issues requiring paramount attention.

Based on the meeting results, the Company’s core business units were entrusted with ensuring the timely commissioning of Sakhalin II project production facilities.

Reference:

On April 18, 2007 Gazprom and the shareholders of Sakhalin Energy (Royal Dutch Shell plc, Mitsui & Co. Ltd and Mitsubishi Corporation) being the Sakhalin II project operator signed a Purchase and Sale Agreement providing for the acquisition by Gazprom of a 50 per cent plus one share stake in Sakhalin Energy.

Sakhalin II is the world’s largest integrated oil and gas project. Its licensed reserves account for some 4 bboe. Today the project production potential is 80,000 boepd. Owing to stage 2, with regard of 9.6 mtpa of LNG production, the project production capacity will rise to 395,000 boepd.