Moscow. 17 January 2007. OAO "Volzhskaya TGC" has extended the period during the open competitive negotiations will be held to select investment banks which will provide services relating to additional share offerings and investment banks to provide financial advise.

The investment bank which will arrange an additional share offering will be required to develop the strategy and the most efficient structure for raising funds through offerings of additional shares in OAO "Volzhskaya TGC". It will also ensure information availability and transparency of the offering process and taking into account shareholders' and investors' interests.

Also, the investment bank is to ensure that OAO "Volzhskaya TGC" raises funds needed for its investment programme on the most favourable terms.

The investment bank providing financial advise is to ensure the development of an efficient equity and debt portfolio structure in line with the strategy and investment programme of OAO "Volzhskaya TGC".

Bids will be accepted until 23 January 2007. All bidding documentation relating is available on the web-sites of OAO "Volzhskaya TGC" (www.votgk.ru).