Creation of NC KazMunaiGas CJSC will not affect juridical status of KazTransOil CJSC, liabilities of other subsidiaries of the holding will not be imposed on KazTransOil CJSC

/KASE, Apr 12, 02/ - Today NC KazMunaiGas CJSC (Astana) informed with official letter to Kazakhstan stock exchange (KASE) that a formation of authorized capital of NC KazMunaiGas CJSC will be provided through transfer of shares of subsidiary companies of NOC KAZKHOIL CJSC (Astana) and NC KazTransOil CJSC (Astana). At that of NOC KAZKHOIL CJSC and NC Oil and Gas Transport CJSC are liquidated. The assignee of the both companies' liabilities will be NC KazMunaiGas CJSC. It is said in the letter that such a reorganization is not reflected in a juridical status of NC KazTransOil CJSC (Astana) and a range of other subsidiaries and joint ventures entering Oil and Gas Transport CJSC and also in their liabilities and assets that will remain on balances of corresponding companies. KazTransOil CJSC and other subsidiaries will perform their production and commercial activities on a regular basis and also will be responsible fully for their own obligations according to earlier made contracts and agreements. As for financial policy of the holding, NC KazMunaiGas CJSC assured KASE President that attracting of financing and cash flows of subsidiaries will be performed on a separate basis. Moreover, obligations of other subsidiaries of the holding will not be imposed upon KazTransOil CJSC. NC KazMunaiGas CJSC was founded in compliance with a decree# 811 of the President of Kazakhstan "On measures of further provision of state interests in oil and gas sector of the country's economy" via reorganization of NOC KAZKHOIL CJSC and NC Oil and Gas Transport CJSC. [2002-04-12]