Zapsibgazprom’s Board of Directors session was held yesterday at the Gazprom’s Headquarters.

The Board of Directors has considered basic arrangements to reform the company and measures to load its capacities in 2003.

Besides, members of Zapsibgazprom’s Board of directors have discussed the implementation of an amicable agreement with the company’s creditors, which has been approved on October 28, last year.

Board of directors session has passed in the new composition reflecting changes occurred in the company’s shareholders structure, as a result of which Gazprom became the proprietor of 76.69% in Zapsibgazprom’s authorized capital stock.

The Board of Directors chairman is the member of Gazprom’s Management Committee, the chief of Legal Department Konstantin Chujchenko.

According to the business – plan project, produced to the Board of Directors by the company’s Director General Vladimir Zavyalov, Zapsibgazprom plans to realize Gazprom’s orders for the sum of RR2.5 – 3 billion in 2003.

Basically these operations are related to field construction in the north of the Tyumen area, delivery of the industrial output produced at 26 Zapsibgazprom’s plants, as well as construction of low pressure gas pipelines on the basis of advanced technologies.

Measures, contemplated in 2003 to reform Zapsibgazprom, envision intergration of some companies, reduction of an administrative personnel and sale of non-specialized and unprofitable assets. It is planned that from 146 currently operating companies no more than 50 entities will remain in Zapsibgazprom.

It is expected that all measures taken will permit the company to receive RR200 million of profit as a result of the year and successfully implement an amicable agreement with creditors.

Information Directorate, OAO Gazprom