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GAZPROM

September 28, 2004

Board of Directors addresses KAUNAS CHP’s charter capital increase issue

The Board of Directors’ meeting is still underway at Gazprom’s Headquarters.

The Board of Directors coordinated the voting stance of Gazprom’s representatives in managing bodies of the Kaunas Combined Heat and Power (KCHP) as well as the increase of said company’s charter capital through the issue and placement of additional ordinary inscribed shares to be allocated through a private subscription proportionally to KCHP’s stockholders-owned shares.

KCHP’s charter capital is planned to be increased with the view of attracting finance to be channeled for the re-construction and modernization of the Kaunas Central Heat and Power Station (KCHPS).

Reference:

The Kaunas Central Heat and Power Station (KCHPS) generates some 80% of heat consumed in the Lithuanian second-largest city of Kaunas.

The Kaunas Combined Heat and Power (KCHP) was founded in March 2003 in accordance with the KCHPS sales tender requirements. KCHP’s shareholdings were distributed among the following tender winners: Gazprom (99% of shares), the US-based Clement Power company (a 0.5% stake) and the Lithuanian Dujotekana company (a 0.5% stake). KCHP’s charter capital totaled LTL 100,000 (EUR 28,962). On 31 March 2003, KCHP purchased KCHPS’ assets from the Lithuanian Kaunas Energia power generator.

Over the 12 months of activities, KCHP succeeded in its business, recording EUR 6.5 million in operational earnings.

Under the KCHPS sales tender requirements, KCHP is committed to upgrade said company, in particular, to develop its production capacities from 170 to 250 MW. To raise finance for the Project, KCHP entered in September of 2004 into a loan agreement with banking institutions. The loan will be granted on the security of KCHPS’ assets and a portion of KCHP’s proceeds and provided KCHP’s charter capital is increased to EUR 13.3 million (LTL 46 million). In addition, not less than 30% of the KCHPS Re-construction Project financing is presumed to be carried out by KCHP self-funded.

The projected increase of KCHP’s charter capital by LTL 87.3 million (roughly EUR 25 million) is regarded upon as sufficient to fulfill all the comitments on KCHPS re-construction and upgrading.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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