Panrusgaz’s extraordinary General shareholders’ meeting was held today in Moscow. Alexander Medvedev, Panrusgaz’s Management Committee Chairman and Gazexport’s Director General, and Zjolt Khernadi, Panrusgaz’s Management Committee member and MOL’s President Director General, attended the meeting.

The meeting approved the proposed changes in Panrusgaz’s MC membership. Zoltan Semmelveys left the MC and Yozjef Tot, MOL’s Director General’s Councilor Director, entered the MC.

Panrusgaz’s MC also approved the directors’ report on Panrusgaz’s activities in 2003 and discussed the preliminary business-plan for 2004.

Shareholders, taking into account the replenishment of the Hungarian underground gas storage facilities, approved Panrusgaz’s preparation for the winter heating season.

In the course of consultations carried out in connection with this meeting, MOL, Gazprom and Gazexport’s heads agreed measures to be taken by the joint venture under conditions of the Hungarian gas market liberalization, and discussed topical issues of cooperation.

Reference:

Panrusgaz was established in 1994. The company’s core activities are natural gas trade and implementation of joint projects to expand gas transportation and underground storage systems.

Gazexport is expected to supply to Panrusgaz some 10.3 bcm of gas in 2003. The company’s contractual obligations for 2004 are the same.

DIVISION OF RELATIONS WITH MASS MEDIA