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

Moscow, Russia – September 17, 2008 – 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.