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Oao Gazprom (OGZD)

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Thursday 24 May, 2007

Oao Gazprom

Issue of Debt

Oao Gazprom
24 May 2007


24 May 2007


                              OJSC GAZPROM PLACES

Today OJSC Gazprom priced EUR 700 million of loan participation notes, due
October 31, 2014 and a benchmark issue of GBP 550 million of loan participation
notes, due October 31, 2013. The notes will be issued by Gaz Capital S.A., a
Luxembourg special purpose vehicle, under Gazprom's Loan Participation Note

The loan participation notes were priced at par. The EUR denominated notes have
an annual coupon of 5.364%, and the benchmark issue of GBP denominated notes
have an annual coupon of 6.580%. ABN AMRO Bank N.V. and Societe Generale acted
as joint bookrunners with respect to the EUR denominated notes. ABN AMRO Bank
N.V. and Morgan Stanley & Co. International plc acted as joint bookrunners with
respect to the benchmark GBP denominated notes.

The proceeds of the offering will be used to finance a loan to OJSC Gazprom. The
proceeds of the loan to OJSC Gazprom will be used to refinance the bridge
facility used for the acquisition by OJSC Gazprom of 50% plus one share of
Sakhalin Energy Investment Company Ltd.


These materials are not an offer for sale of any securities of OJSC Gazprom in
the United States.  Any securities of OJSC Gazprom may not be offered or sold in
the United States absent registration or an exemption from registration under
the U.S. Securities Act of 1933, as amended.  OJSC Gazprom does not intend to
register any portion of the offering in the United States or to conduct a public
offering of any securities in the United States.

This communication is only being distributed to and directed only at (a) persons
who are outside the United Kingdom or (b) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the 'Order') or (c) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within Article 49(2) of
the Order (all such persons mentioned in (a), (b) and (c) together being
referred to as 'relevant persons'). Any securities mentioned in this
communication will only be available to, and any invitation, offer or agreement
to subscribe, purchase or otherwise acquire such securities will be engaged in
only with, relevant persons. Any person who is not a relevant person should not
act or rely on this document or any of its contents.

This document is not a prospectus and, to the extent that it may constitute an
advertisement, it does not constitute an offer to sell or the solicitation of an
offer to purchase notes or other securities of Gaz Capital S.A. or OJSC Gazprom.
Investors should not subscribe for any notes referred to in this document
except on the basis of the information contained in the final prospectus and/or
final terms relating to the notes.  The base prospectus was published on 6 March
2007. A prospectus supplement and final terms with respect to the EUR
denominated notes and a final series prospectus with respect to the benchmark
GBP denominated notes are expected to be published on 4 June 2007 in respect of
the EUR denominated notes and 8 June in respect of the GBP denominated notes.
Investors will be able to obtain a copy of them from Deutsche Bank AG, London
Branch, 1 Great Winchester Street, London EC2N 2DB, United Kingdom, Deutsche
Bank Luxembourg S.A., 2 Boulevard Konrad Adenauer, L-1115, Luxembourg and
Deutsche International Corporate Services (Ireland) Limited, 5 Harbourmaster
Place, IFSC, Dublin, Republic of Ireland, as Paying Agents and from Gaz Capital
S.A. at 2 Boulevard Konrad Adenauer, L-1115, Luxembourg.

            This press release is not a public offer or advertisement of
securities in the Russian Federation, and is not an offer, or an invitation to
make offers, to purchase any securities in the Russian Federation.

phones:        (495) 719-28-01
fax:           (495) 719-90-08
e-mail:         [email protected]
http: //

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                  

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