OREANDA-NEWS. May 21, 2007.Gazprom and the State Property Committee of the Republic of Belarus have signed a purchase and sale agreement for Beltransgaz shares.

Pursuant to the agreement, Gazprom will purchase a Beltransgaz 50 per cent stake worth US$ 2.5 bln. The shares will be paid up in four stages throughout the 2007-2010 period. At each stage Gazprom will buy a 12.5 per cent stake in Beltransgaz.

Before the deal closing Beltransgaz shares entitled to be sold to Gazprom must not be alienated, burdened or pledged.

Within 50 days after the ownership transferring of the first portion of Beltransgaz shares in amount of 12.5 per cent of the company’s share capital to Gazprom an extraordinary Shareholders Meeting of Beltransgaz must be called up in the aim of electing a new Supervisory Board of the company.

On December 31, 2006, Gazprom and Belarusian authorities also signed a Supplement to the Protocol setting out a joint gas transmission venture between Belarus and Russia as well as to supply and transit natural gas across the Republic of Belarus.

The Supplement stipulates a stage-by-stage (within 2008-2010) level increase of wholesale margin in the price of gas supplied by Beltransgaz to the final consumers as well as Belarusian obligation of non-implementation of special right of the government (golden share) to participate in Beltransgaz management.