A Gazprom Board of Directors’ meeting has taken place in absentia.

The Board of Directors approved a natural gas transmission services agreement entered into by Gazprom and Mezhregiongaz as an interested party transaction.

Under the agreement, Gazprom will provide transmission services to Mezhregiongaz for gas sold at the electronic trading point, including gas possessed by independent producers.

Reference:

Trading operations with Gazprom and independent producers’ gas have been carried out at the Mezhregiongaz electronic trading point since November 2006 in pursuance of the Directive by the Russian Federation Government “On Experimental Gas Sales at the Electronic Trading Point” and the Order by the Industry and Energy Ministry of Russia “On Experimental Gas Sales at the Electronic Trading Point”.

As part of the experiment Gazprom has obtained the opportunity to sell up to 5 bcm of gas at free market based prices, with the same amount to be sold at market prices by independent gas producers.

Mezhregiongaz, a wholly owned subsidiary of Gazprom, is primarily focused on supplying gas to Russian consumers.