On June 27, 2008, the Russian Federal Anti-Monopoly Service (FAS) approved the transfer of the respective shareholdings of MOGC and Gazprom Neft in the Moscow Oil Refinery to Moscow NPZ Holdings BV.

Moscow NPZ Holdings was incorporated in the Netherlands on May 28, 2008. Upon the transfer of the respective entire shareholdings of GPN and MOGC to Moscow NPZ Holdings, the latter will control 90.02% of the voting shares of the Moscow Oil Refinery. MOGC and GPN are each 50% shareholders in Moscow NPZ Holdings. GPN and MOGC expect to transfer their respective interests contemporaneously within the next two months.

A further announcement will be made setting out the relationship between MOGC and GPN shortly.

Commenting on this information Henry Cameron, Chief Executive of Sibir said "the approval of FAS to the transfers is an important step in securing stability in the running of the refinery which in turn facilitates the long-awaited upgrade of the Moscow Refinery."