NOVY NEFT LIMITED - Appointment of ZAO Citibank

Hamilton, Bermuda, April 24, 2006 - The Directors of Novy Neft Limited (the "Company") wish to advise that the Company has appointed ZAO Citibank to provide custody and safekeeping services in relation to the Company's investment in the local shares of ZAO Gazprom in order to centralise shares of ZAO Gazprom and to arrange for their conversion to Gazprom Depository Receipts prior to shareholders voting on the proposals referred to in the announcement of 6 April 2006.

The Company has appointed ZAO Citibank to act as the Depository for the Company pursuant to the Depository Agreement.  The Depository will provide services relating to registration and certification of the rights to the Company's holdings in ZAO Gazprom by opening and maintaining an account in the Company's name and acting as the Company's nominee holder and such other related services as may be required.

The Depository at its own discretion and without preliminary consent of the Company may appoint a third party in order to fulfill any of its obligations in accordance with the Depository Agreement, save that any such third party appointed must be appropriately licensed and/or have the necessary permits to perform such services.  The Depository shall be held responsible for the actions of any third parties appointed by it.

The Depository Agreement is terminable upon 20 days' written notice by either party.  The Depository's liability under the Depository Agreement shall be restricted to the least of (i) the value of the Company's holdings deposited on the depository account as of the moment of the occurrence of the liability, and (ii) the consideration received by the Depository from the Company.

CHARGES AND FEES

The Depository shall be paid by way of remuneration for its services pursuant to the Depository Agreement fees based on the Value of the Gazprom Shares at each month end at a rate of 0.10 per cent per annum up to US$300 million, 0.075 per cent. per annum between US$300 million and US$400 million, 0.05 per cent. between US$400 million and US$500 million, 0.04 per cent. between US$500 million and US$600 million, subject to a minimum monthly fee of US$10,000.

In addition the Depository will be entitled to receive transaction fees of US$25 in respect of each book transfer and US$50 in respect of each external transfer and all agreed out-of-pocket expenses properly incurred on behalf of the Company.

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