OREANDA-NEWS. On June 21, 2007, 2007 the meeting of the new Board of Directors elected at the Annual General Shareholder’ Meeting of June 15, 2007 held place. Its members now include Charles Adriaenssen, Dr. Ralf Bethke, Alex Jean de Valukhoff, George Cardona, Andrey Melnichenko, Vladimir Stolin, Dmitry Strezhnev, Richard Sheath, reported the press-centre of EuroChem.

Mr. Andrey Melnichenko, co-founder and main ultimate shareholder of EuroChem was unanimously voted Chairman of the Board of Directors.

The changes to the Board relate to the new strategic plans and business perspectives of EuroChem. Commenting on this, new Chairman of the Board Mr. Andrey Melnichenko said: ‘Currently, we observe fast consolidation of agrochemical industry worldwide and increasing market competition. I am very much confident that EuroChem possesses all necessary resources to achieve the leading position in such a highly competitive environment.

The new Board now comprises of highly professional managers and experts with international reputation who will help us achieve strategic goals. I have increased my investments into the Company to fully support the management in its strategy to grow the business and improve its competitiveness. In the mid-term, as the result of our strategic plans EuroChem shall become highly efficient, focused on value, transparent Russian company with a fair value of not less than $10bln.’

Mr. Dmitry Strezhnev, a shareholder and since 2003 Chief Executive Officer of EuroChem, has also become a Board Member of EuroChem. He re-iterated that the Company will continue its dynamic development to strengthen its positions in Russian and international markets: ‘Our primary goals are increasing production efficiency, introduction of new products, enhancement of distribution network, and development potash initiatives.’