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Nabucco International Appoints New Board Member

Source: 11/5/2012, Location: Europe

The shareholders of Nabucco Gas Pipeline International announced that Frank Siebert will join its board and become the company’s Chief Financial Officer with effect from 1 November 2012.

Mr. Siebert has been serving as External Finance Consultant with Nabucco since May 2012.

Managing Director of Nabucco Gas Pipeline International, Reinhard Mitschek said: "I am very pleased to welcome Frank to the board. Frank Siebert has a proven track record of leadership within high-growth companies and brings a unique blend of professional experience to Nabucco. His broad experience of the gas industry makes him a valuable addition to the board.”

Formerly board member and Chief Financial Officer of OGK-4 OAO (later rebranded to Eon Russia OAO), Frank joined the gas industry in Germany in 1992. Following various international assignments in the Baltic States and the United Kingdom, he joined the board of Latvijas Gaze JSC, then an integrated gas storage, sales and pipeline company owned by Gazprom, E.on Ruhrgas AG and listed on the stock exchange, in 2000.

He served as Finance Manager for the UK upstream gas business of E.ON Ruhrgas AG, from 2006, and the following year was appointed board member/CFO for OGK-4 OAO (today E.ON Russia), a position he held until 2011.

Frank graduated from the University of Goettingen in Germany in Economics in 1991.

The Board of Directors of Nabucco is appointed to act on behalf of the shareholders. The Board of Directors' key purpose is to ensure the company's prosperity by collectively directing the company's affairs, whilst meeting the appropriate interests of its shareholders and stakeholders. In addition to business and financial issues, boards of directors must deal with challenges and issues relating to corporate governance, code of conduct and corporate ethics.

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