Gazprom Neft will use all legal means to protect its interests managing the Moskovsky Oil refinery

JSC Gazprom Neft thinks that activities of factory management stuff, the Sibir Energy company and the Moscow government ( which control the JSC Moscovsky Oil Refinery Company) to monopolize control under the Moskovsky Oil Refinery do violence to corporate procedures and the Russian Federation legislation.

In summer 2006 JSC Gazprom Neft’s and JSC Tatneft’s representatives were not admitted to participation in the Moskovsky oil refinery stockholders’ general meeting. As a result of the meeting illegally elected Moskovsky Oil Refinery Board of Directors represents only one stakeholder – the Moskovsky oil refinery, and make decisions according to its interests.

The meeting allowed a contempt of law, violation facts were established by the Federal Service on Financial Markets.

Having no representatives in the Moskovsky Oil Refinery Board of Directors stakeholders owning about 40% of factory’s shares have no access to the assets management. Thus, they have no legitimate opportunity to influence on Moskovsky Oil Refinery’s activities and to receive adequate information about factory’s financial and economic activities.

Therefore, Gazprom Neft will litigate annual general meeting decisions of the Moskovsky Oil Refinery and use all legal means to protects its management rights.