Today the Gazprom Headquarters has hosted a regular working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Tony Hayward, Chief Executive Officer of BP Group.

The parties discussed issues related to cooperation of Gazprom and BP Group within the Agreements earlier signed as well as to new cooperation opportunities in international energy markets.

Reference:

June 22, 2007 Agreement contemplates establishing a strategic alliance between the companies for long-term investment in joint energy projects as well as asset swaps both in Russia and third countries.

Pursuant to the Agreement, TNK-BP will sell Gazprom a 62.8 per cent stake in Rusia Petroleum, which is the license holder for the Kovykta field, as well as a 50 per cent stake in East Siberian Gas Company, which is implementing a regional gasification project for the Irkutsk Oblast.

The Agreement also stipulates a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option could be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.