The Board of Directors’ meeting has adjourned at the Gazprom Headquarters.

The Board of Directors agreed on the acquisition by Gazprom of a 78.3 per cent stake in Gas-Oil that is owned by Mostransgaz, Lentransgaz, Intercom, TKP PRANT and Meridian – ART.

The transactions will result in Gazprom’s share in Gas-Oil growing to 100 per cent.

The RosUkrEnergo AG performance issue will be addressed at one of the next Board of Directors’ meetings after an international audit of the company’s accounts is completed.

Reference:

Gas-Oil was founded in 1992 and registered in the city of Kaliningrad.

The company’s major business lines are:

• comprehensive measures aimed at designing and constructing all types of gas pipelines, gas storage facilities, gas distribution stations, motor vehicle fuelling stations, gas networks and other related infrastructures;
• gas & derivatives marketing and processing.

In the above business sectors, Gas-Oil is a leader in the Kaliningrad Oblast.

Over the past decade Gas-Oil has been effectively furthering the economic interests of Gazprom in the region. Gas-Oil has the potential necessary for meeting the present-day and prospective challenges of Gazprom Group on the territory of the Kaliningrad Oblast and adjoining areas.

At present, Gazprom, Mostransgaz and Lentransgaz own a 58.8 per cent stake in Gas-Oil.

In 2006 Intercom, TKP PRANT and Meridian – ART decided to sell off all their shares in Gas-Oil making up a total of 41.2 per cent. The preemptive right to acquire the said shares is held by Gazprom. Furthermore, given that the activity of Gas-Oil is not a core business for Mostransgaz and Lentransgaz, it has been considered expedient to alienate their stakes in Gas-Oil.