The Board of Directors of Shtokman Development AG Reviewed the Progress in Preparation of the Final Investment Decision of the Shtokman Project, Phase 1 (Russia)

The Board of Directors of Shtokman Development AG was held in Zurich on November 24, 2010 to review the key issues related to preparation of the Final Investment Decision on the Start-up Facilities for pipeline gas supply and on the LNG Facilities.

The work schedule, program and budget of Shtokman Development AG for the Start-up Facilities for the period up to FID were reviewed and approved during the meeting.

All resolutions were adopted by the members of the Board of Directors unanimously.

“The latest meeting demonstrated the shareholders’ adherence to the goals of Shtokman project. The Board of Directors of the Company approves the diligence and commitment of the Company management” — stated Alexei Miller, President of the Board of Directors of Shtokman Development AG, Chairman of the Management Committee of OAO Gazprom.

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Source: Shtokman, November 25, 2010;