Today a Gazprom delegation chaired by Alexey Miller, Chairman of the Gazprom Management Committee has paid a visit to France.

Within the visit Alexey Miller met with Christoph de Margerie, Chief Executive Officer of Total. The parties discussed the progress with executing Agreements earlier signed on Phase 1 of Shtokman gas condensate field development. The parties specified that the work on preparing shareholders agreement and constituent documents of a vehicle company was executed in accordance with the schedule.

Alexey Miller and Christoph de Margerie discussed issues related to development of the company’s regulatory bodies.

The meeting also addressed the cooperation prospects of the projects in third countries and in the Astrakhan field, which is characterized by a complex composition.

Reference:

Gazprom and Total S. A. signed a Framework Agreement on the Main Conditions of cooperation at Phase 1 of Shtokman gas condensate field development on August 13, 2007.

Under the Agreement, the parties will establish a special-purpose company to manage engineering, financing, construction and exploitation of installations at Phase 1 of Shtokman field development. The company will be the owner of this infrastructure during 25 years, starting from the moment the field is put on stream. The Gazprom stake in the new company’s authorized capital will be 51 per cent, while Total will receive 25 per cent stake.