OREANDA-NEWS. The Board of Directors’ meeting is underway at the Gazprom Headquarters.

The Board of Directors agreed on Gazprom’s participation interest in Beltransgaz through the purchase of a 50 per cent stake for USD 2,5 bln from the Republic of Belarus.

Reference:On December 31, 2006, Gazprom and the Government of the Republic of Belarus signed the Protocol to create a joint gas transmission venture between Belarus and Russia as well as to supply and transit natural gas across the Republic of Belarus. Pursuant to the Protocol, until June 1, 2007, Gazprom and the State Property Committee of the Republic of Belarus are to enter into a purchase and sale agreement for Beltransgaz’s shares. As a result, Gazprom will purchase a Beltransgaz 50 per cent stake worth USD 2,5 bln. The shares will be paid up in four stages throughout the 2007-2010 period. At each stage Gazprom will buy a 12,5 per cent stake in Beltransgaz.