A Board of Directors’ meeting has commenced at Gazprom’s Headquarters.

The Board agreed on Gazprom’s acquisition of a 51 per cent stake in NEGP Company from ZGG GmbH.

Reference:

NEGP Company has been established as operator of NEGP’s offshore section construction in pursuance of the Agreement on the North European Gas Pipeline sealed between Gazprom, E.ON AG and BASF AG.

In November 2005 Gazprom, E.ON Ruhrgas AG and Wintershall AG inked a preliminary Shareholder Agreement. Under the Agreement, Gazprom authorized its affiliated company ZGG GmbH (incorporated under the laws of Germany) to be a stockholder of NEGP Company. The Agreement stipulates transferring the ZGG-owned shares of NEGP Company to Gazprom upon respective approval by Gazprom’s Board of Directors.