RNS Number : 1770H
  Urals Energy Public Company Limited
  31 October 2008
   

    Urals Energy Public Company Limited 
    ('Urals Energy' or the 'Company') 


    Update on Sberbank negotiations


    The Board of Urals Energy announces that negotiations with Sberbank regarding the rearrangement and extension of its loan facilities are
ongoing. The Company is fully engaged with Sberbank in a constructive dialogue and, while no formal extension has yet been granted, Sberbank
has indicated at this time that it does not intend to put the Company into default.

    The Company also continues to consider strategic options for the efficient development of its core assets and to pursue the sale of its
non-core assets. It is still intended that these assets will be disposed by end Q1, 2009.

    Further announcements will be made in due course.

    31 October 2008
      Enquiries:
 Pelham PR        
 Evgeniy Chuikov    +44(0)20 3008 5506 / +44(0)7894 608 606
 Mark Antelme       +44(0)20 3178 6242 / +44(0)752 5951 011


This information is provided by RNS
The company news service from the London Stock Exchange
 
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