The Board of Directors took note of the information relevant to the Russian-Ukrainian gas relationships and the prospects for cooperation with Ukraine.

It was highlighted that Ukraine was a strategic partner of Gazprom. It transits nearly 70 per cent of Russian gas to Europe – 94.6 billion cubic meters in 2010. Ukraine is the largest sales market for the Company: in 2010 Gazprom supplied it with 36.5 billion cubic meters of gas. Represented by its subsidiary company Gazprom sbyt Ukraine, Gazprom operates in the Ukrainian end consumer market. According to the 2010 results, the Company furnished Ukraine's industrial companies with 3.24 billion cubic meters of gas. The work is underway to set up a joint venture between Gazprom and Naftogaz Ukrainy for coalbed methane production.

In addition, the meeting stressed that the long-standing track record of cooperation between Russia and Ukraine in the gas sector and historical links of the two counties' gas transmission systems created a favorable environment for further deepening of the large-scale and long-term partnership for the mutual benefit, including the business integration of Gazprom and Naftogaz Ukrainy.

The Gazprom Management Committee was tasked to continue interacting with Ukraine under the effective long-term contracts for gas purchase, sale and transit, operations in the Ukrainian market as well as setting up joint ventures for hydrocarbons production.

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