MOSCOW — Morgan Stanley has submitted the final conclusions on the value of the Rosneft oil company and the block of shares in Gazprom to the federal property agency of Russia, Vladimir Tumarkin, the bank's official representative has told RBC. He added that Morgan Stanley would give official comments after the publication of a notice of the receipt of these conclusions by the property agency.

As reported earlier, in April 2005, the federal property agency made a request for Morgan Stanley and 2K Audit - Business Consultations to update the estimate for assets of Gazprom and Rosneft, dated 2004. The initial appraisal was performed as of June 1, 2004. The updated estimate will reflect the situation as of March 1, 2005.

Morgan Stanley was the first to provide an estimate for assets of Rosneft and Gazprom in connection with the merger deal. On December 16, 2004 the bank announced that Gazprom's value totaled $60.18bn to $72.21bn, and the corresponding estimate for Rosneft's value was $7bn to $8.5bn. Dresdner Kleinwort Wasserstein did not provide any official data in connection with this. However, according to unofficial reports, its estimate for Rosneft was $5.5bn to $7bn, and Gazprom's value was estimated at approximately $80bn.