On the results of the session of the Supervisory Board of EuRoPol Gas

An ordinary meeting of the Supervisory Board of EuRoPol Gaz was held on July 17 in Moscow. The Deputy Chairman of the Management Committee of Gazprom, the Chairman of the Supervisory Board Alexander Ananenkov presided at the meeting. Decision was taken at the meeting to recommend the EuRoPol Gaz Board to co-ordinate by the 1st of August of 2003 the final versions of supplements to the contract on gas supply between EuRoPol Gaz and Gazexport, taking into account the business-plan approved by the EuRoPol Gaz general shareholders’ meeting and the laws in force in Poland.

The Supervisory Board also recommended the Board of EuRoPol Gaz to enter into negotiations with Gazprom and the Polish oil and gas company PGNiG in order to co-ordinate final terms and conditions of funding the construction of the first line of the Polish section of the Yamal – Europe gas pipeline and restructuring the debt. The agreement between EuRoPol Gaz, Gazprom and PGNiG should be signed by August 1, 2003.

In addition, the participants of the meeting listened to the report of the joint technical conciliation commission on possibilities to increase the throughput capacity of the first line of the Yamal – Europe pipeline. The Supervisory Board made a decision to follow the provisions of the Intergovernmental additional Protocol to the Agreement between the Government of the Russian Federation and the Government of Poland, signed on February 12, 2003, on construction of a pipeline system for transit delivery of the Russian natural gas through the Polish territory and gas supplies to the Republic of Poland.

The members of the Supervisory Board postponed the final discussion of the topic until the next meeting, which is scheduled on July 25 in Warsaw.

Information Directorate, OAO Gazprom