Today the Gazprom Headquarters hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Vladimir Semashko, First Deputy Prime Minister of the Republic of Belarus.

The parties discussed the preliminary operating highlights for 2009 in the natural gas supply and transit sector, as well as the issues of cooperation deepening.

Background:

On December 31, 2006 Gazprom and Beltransgaz signed the Gas Supply and Transit Contract for 2007 through 2011. The Contract, in particular, fixed the pricing formula from January 1, 2008 (corresponding with the pricing formula for Russian gas supply to Europe), as well as the discount rates for 2008 through 2010 (0.67, 0.8 and 0.9 respectively). In line with the Contract, starting from 2011 Belarus will pay the gas price equally profitable to Gazprom with the price paid for gas deliveries to Europe.

In May 2007 Gazprom and the State Property Committee of the Republic of Belarus signed the Purchase and Sale Agreement for 50 per cent of the shares worth USD 2.5 billion in Beltransgaz. Pursuant to the Agreement, Gazprom is to pay the above mentioned sum in equal portions within four years. At present, Gazprom holds a 37.5 per cent stake in the company; in 2010 the transaction will be completed.