Gazprom, Commercebank and Societe General signed an Agreement to grant Gazprom a 6-year, USD 300 million loan on the terms of full underwriting.

The loan is envisaged for by the Program of Borrowings and Gazprom’s Securities Placement for 2003. The credit is secured by concession of the proceeds to be received under the long-term export contract.

The bank-creditors began the loan syndication to be last over the nearest few weeks.

This transaction makes it possible to promptly and on advantageous terms attract funds for financing the Company’s business priorities, with gas export deliveries in the first place.

DIVISION OF RELATIONS WITH MASS MEDIA