RenGaz Deliberates Further The Future Of The Company

Hamilton, Bermuda, January 13, 2006 -- On December 23, 2005, Russian President Vladimir Putin signed a decree removing the restrictions on non-Russian persons holding common shares in OAO Gazprom ("Gazprom"). The Company's investment objective is to achieve capital appreciation through investment in Gazprom shares.  The offering document of the Company currently states that: "The Directors believe that the investment rationale of the Company may cease to exist if the Russian Government lifts the current foreign ownership restrictions applying to investments in Gazprom Shares or implements other similar material legislative changes governing such investments, including changes that make carrying out the Investment Structure impractical or impossible.  In these circumstances, the Directors currently would intend to call an extraordinary general meeting of the Company to propose to the Shareholders that the Company proceed to a voluntary winding-up."

The directors of the Company (the "Directors") met on 13 January 2006 to consider whether the Company should continue in the light of the change in ownership restrictions for Gazprom shares and concluded that it would not be appropriate at this time to call a general meeting and propose a voluntary winding up.  In reaching their decision, the Directors noted that certain investors in the Company may not be willing or able to hold local Russian shares and would therefore prefer to hold only Gazprom ADRs.  There are limited ADRs currently in issuance and it will, in the view of the Directors, take approximately three months for Gazprom to issue a new ADR programme.   In addition, those investors in the Company who wish to hold Gazprom shares directly will be required to arrange local custodial accounts.  

The Directors intend to keep under review the continuing viability of the Company and will report to Shareholders on a monthly basis as to whether the Company should continue in its present form, be restructured or should proceed to a winding-up.

 The Directors concluded that it would be in the best interests of the Company to simplify the investment structure of the Company.  Underlying Gazprom shares currently held by the Company have been transferred from a Russian subsidiary of the Company, Financial Investments Limited, to a Cypriot subsidiary of the Company, Ravett Holdings Limited, as of December 30, 2005 thereby allowing the Company to take advantage of the Russia/Cyprus double tax treaty.  In addition, the Directors propose that during the next month, the investment structure be further simplified by removing the Russian subsidiaries from the group. The Directors have instructed the Company's legal counsel to prepare a revised prospectus and such document will be circulated to existing investors as soon as possible.

For further information on the Company please contact:

Oleg Jelezko - 22 Voznesensky pereulok, 125009 Moscow, Russia

Anthony Tighe - 25 Eden Quay, Dublin 1, Ireland