RUSSIAN GAS MONOPOLY, YAKUT REPUBLIC SET UP JOINT VENTURE TO OPEN UP NEW OIL- & GAS-FIELDS

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Alexei Miller, Gazprom board president, received republican President Vyacheslav Shtyrov at the company central office in Moscow today to sign a relevant contract.

They discussed matters related to drafting a package of constituent documents, and approved previous efforts. All documents are to be coordinated before May this, determined the conferees.

Gazprom Co. and the republican government signed an agreement to establish a joint venture, October 18, 2002.

The new company will prospect and open up new deposits, and stock up, transport and sell petroleum, natural gas and derived products in Yakutia.

The Gazprom will account for 51% of corporate authorised capital, and the republican government 49%, as the contract stipulates.

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