URALCHEM, OJSC announces the decisions made at the Meeting of the Board of Directors

2008-09-17 16:08:06 -

- URALCHEM, OJSC, ("the Company" or "URALCHEM"), one of the largest producers of nitrogen and phosphate fertilizers in Russia and the CIS, today announced the decisions made at the Meeting of the Board of Directors held on September 17, 2008.

The members of the Board of Directors made the following decisions:

1. To elect Mr. Dmitry A. Mazepin as the Chairman of the Board of Directors of URALCHEM, OJSC.

2. To create an Audit Committee from the Board of Directors of URALCHEM, OJSC, to approve the Regulations on the Audit Committee and to appoint the following two members of the Audit Committee:

a. John M. Van Brunt,

b. Paul J. Ostling.

3. To create a Staff and Remuneration Committee from the Board of Directors of URALCHEM, OJSC, to approve the Regulations on the Staff and Remuneration Committee and to appoint the following three members of the Staff and Remuneration Committee:

a. Paul J. Ostling,

b. Dmitry A. Mazepin,

c. Dimitriy V. Tatyanin.

4. To create a Strategy and Development Committee from the Board of Directors of URALCHEM, OJSC, to approve the Regulations on the Strategy and Development Committee and to appoint the following five members of the Strategy and Development Committee:

a. John M. Van Brunt,

b. Anton V. Vishanenko,

c. Mikhail V. Genkin,

d. Dmitry V. Osipov,

e. Paul J. Ostling.

5. To approve the Provisions for Internal Control of Financial and Business Activities of URALCHEM, OJSC.

6. To approve the Provisions for Dividend Policy of URALCHEM, OJSC.

URALCHEM is one of the largest producers of nitrogen and phosphate fertilizers in Russia and the CIS with production capacities of over 2.7 million tonnes of ammonium nitrate, 2.2 million tonnes of ammonia, 0.8 million tonnes of MAP and DAP, 0.8 million tonnes of compound fertilizers and 0.45 million tonnes of urea. URALCHEM is the second largest ammonium nitrate producer in the world and number one in Russia. URALCHEM's key assets include Kirovo-Chepetsk Chemical Works, OJSC in Kirovo-Chepetsk, Kirov region with 95.43% voting shares; 95.58% of shares in Azot, OJSC in Berezniki, Perm region; 71.72% of shares in Voskresensk Mineral Fertilizers, OJSC in Voskresensk, Moscow region; 100% shares in URALCHEM-TRANS LLC, 100% shares in URALCHEM FREIGHT LIMITED.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of URALCHEM. We wish to caution you that these statements are only predictions. We do not intend to update these statements and our actual results may differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, financial risk management and the impact of general business and global economic conditions.

URALCHEM, OJSC
Public Relations Department
tel. +7 (495) 721 89 89
andrey.kocherov@uralchem.com
www.uralchem.com