September 10, 2008

Gazprom Neft Welcomes Ratification of Intergovernmental Agreement

Gazprom Neft, an integrated oil company, has welcomed the approval of the intergovernmental agreement on co-operation in the energy sector between Russia and Serbia by the parliament of Serbia.

Alexander Dyukov, chairman of Gazprom Neft's management committee, said: "Based on the ratified intergovernmental agreement and in accordance with the protocol on agreed basic terms of the acquisition by Gazprom Neft of 51% shares of NIS, we can now work on closing the detailed purchase contract and start implementing the reconstruction and modernization program.

"This deal will provide NIS with a reliable resource base and the necessary conditions for its development. Our co-operation will enable the company to assert itself as the region's leader in the oil sector."