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GAZPROM

November 13, 2003

Gazpromís Management Committee has considered the issue of Burgazís financial recovery and business activity stabilization

Today, Gazpromís Management Committee has approved business plan on Burgazís core activity up to 2010. The business-plan was elaborated under the order ďOn measure of restoring solvency and stabilization of Burgazís business activityĒ dated 11 June 2003.

The paper envisages the implementation of the Program on economical recovery of the drilling company under Gazpromís surveillance and includes measures aimed at financial stabilization, leasing-based technical re-equipment and costs management.

Gazpromís Management Committee has instructed relevant Gazpromís departments to contemplate, within the investment program of the company for 2004, maximum loading of Burgazís production capacities necessary for providing its economic stability, and to fulfill initiatives, set up in the business plan, on restructuring Burgazís indebtedness to Gazprom. By 1 February 2004, a draft program on improving the efficiency of drilling operations in Gazprom has to be worked out.

Reference:

DOOO Burgaz is a Gazpromís 100% subsidiary and is the prime contractor for constructing exploratory and producing wells. In 2003, Burgaz fulfills 87% of drilling operations under Gazpomís order.

The company effects complete cycle of well construction, from cluster site opening-up to well turnkey construction, and renders services on formation hydraulic fracturing and non-operational well stock overhaul and re-commissioning.

DIVISION OF RELATIONS WITH MASS MEDIA


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