22/09/2006, Changes in the Commercial Management System of Sovcomflot Group

As it was previously announced at the Sovcomflot Business Partners Meeting held in May 2006, with effect from 1 October 2006 Sovcomflot (UK) Ltd. in London will provide commercial agency services for all tanker, LNG, LPG and dry cargo vessels controlled by the Sovcomflot Group, assuming functions previously provided by Sovchart S.A., Geneva – a subsidiary of Sovcomflot.
Strategic planning, chartering policy, industrial projects development, drafting and signing of long term charter agreements will be dealt with by Sovcomflot in Moscow.
Such changes are stipulated by the necessity to streamline and optimize the Group’s corporate structure and to a full extent demonstrate the growing role of new perspective directions of development such as seaborne LNG and LPG transportation, as approved by the Board of Directors, in the Group’s activity.

Sovcomflot (UK) Ltd. was established in London in 1992. It is a wholly owned subsidiary of JSC Sovcomflot, Moscow. The company is engaged in commercial management of the Group’s fleet. As at 1 September 2006 the company’s fleet comprised 52 vessels of the total deadweight of 4.16m tons including 41 tankers of the total deadweight of 4m tons.

Further information regarding commercial management of the Group’s fleet could be provided by
Mr. Sergey Burima – General Manager
Chartering, Fleet Management and Operations Department of Sovcomflot
tel. +7 (495)926-1547, 926-1434.
Mr. Callum Ludgate – Managing Director of Sovcomflot (UK) Ltd.
tel. +44 (20) 74961800

Press-Centre of JSC Sovcomflot