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GAZPROM

February 29, 2008

Gazprom and E.ON to jointly build gas-turbine power station in Germany

Today Gazprom and ?.ON AG signed a Memorandum of Understanding in Dusseldorf to jointly build and operate a gas-turbine power station in the vicinity of Lubmin (Germany). Near Lubmin, there is a German landfall of the projected Nord Stream gas pipeline that will supply natural gas for the facility operation.

The Memorandum provides for the parties to make a final investment decision on the project in 2009.

It is planned that the gas-turbine power station will be rated at 1200 MW. The facility will be commissioned in 2011.

Gazprom and E.ON will set up a joint venture on a parity basis in order to implement the project.

The companies have a distinguished record of cooperation in the long-term gas supplies sector. Gazprom and E.ON consider the gas-turbine power station construction project an important element in their partnership in the Russian gas sales markets.

Gazprom Group will take part in each and every link of the price formation chain: from natural gas supplies to generated power sales. As for E.ON, its investments to be made into the project are a part of an ambitious investment program amounting to 60 bln euros and aimed at entering new markets, developing up-to-date natural gas and electric power infrastructure, and elaborating cutting-edge technologies for power generation. By taking part in the project E.ON promotes CO2 emissions reduction and environmental protection.

Reference:

The German company E.ON AG is Europe’s largest privately-held power & gas concern. E.ON Ruhrgas AG (Ruhrgas AG before July 1, 2004) has been part of E.ON AG since February 2003 and has overseen the Group’s natural gas business in Europe, including production, marketing, transmission and storage.

Owning a 6.5 per cent stake in Gazprom, E.ON Ruhrgas is its largest foreign shareholder.

Cooperation between Gazprom and E.ON Ruhrgas began in the early 1970s. Ruhrgas became one of the first largest buyers of Russian gas in Western Europe.

In 2000 (Berlin) and 2002 (Moscow) Gazprom and Ruhrgas AG signed the Memoranda of Understanding.

On July 8, 2004, Gazprom and E.ON sealed the Memorandum of Understanding fixing the agreements to further deepen the successful cooperation when jointly implementing strategic projects. In addition to the traditional gas supply business, the parties started implementing joint gas extraction, transmission & marketing and power generation projects.

On September 8, 2005, Gazprom, E.ON and BASF signed the in-principle Agreement to construct the Nord Stream gas pipeline (initially – North-European Gas Pipeline) running from Russia to Germany under the Baltic Sea.

Nord Stream AG (initially – North-European Gas Pipeline Company) was established in December 2005 for the purpose of preparing a feasibility study and constructing the gas trunkline. At present, the shareholders of Nord Stream AG are as follows: Gazprom – 51 per cent, Wintershall Holding and E.ON AG – 20 per cent each and N.V. Nederlandse Gasunie – 9 per cent.

 

 

 

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