Gazprom adopts new regulations on gas sales in Russia

Gazprom has adopted new regulations on gas sales in Russia, the company's Press Service reported. In accordance with the new regulations, the Mezhregiongaz company will give up its rights arising from gas sales contracts with regional gas companies and other consumers in favor of Gazprom. Additionally, the regulations provide for the founding of regional gas companies in which Gazprom will have a share or its wholly owned subsidiaries for selling gas in regions of Russia where there are no such companies. Shares of Mezhregiongaz in regional gas companies will be transferred to Gazprom, and respective changes will be made in the lists of members of staff of the administrations of Gazprom and Mezhregiongaz.

Additionally, 100% advance payment for gas will become a compulsory condition for all contracts of regional gas companies with industrial gas consumers and Gazprom's contracts with regional gas companies beginning January 1, 2004.

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