The Gazprom Headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Shokri Mohamed Ghanem, Chairman of the Management Committee of Libya's National Oil Corporation.

Alexey Miller and Shokri Mohamed Ghanem discussed the implementation of the Memorandum on Cooperation between the companies and emphasized the constructive character of the bilateral cooperation.

The parties reached an accord to hold tripartite negotiations this November, at which Gazprom, the National Oil Corporation of Libya and ENI concern would discuss joint projects.

Background:

A key challenge facing Gazprom is access to new markets, expansion of the resource base and diversification of production capacities. While meeting these challenges, Gazprom is active in North Africa and primarily in Libya, where the Company has set up a Tripoli based special-purpose company Gazprom Libya.

Between 2006 and 2007 Gazprom obtained through bidding procedures the right to explore for and produce hydrocarbons at the licensed blocks 19 (Mediterranean offshore) and 64 (300 km south of Tripoli).

In December 2007 following the asset swap deal with BASF, Gazprom acquired a 49 per cent stake in Libya’s oil concessions C 96 and C 97 owned by Wintershall AG. These concessions are governed by the agreements effective till 2026. The concessions include nine fields with As Sarah as the largest. Current oil production is about 6 mtpa. Geological exploration is still in progress and work is underway to maintain the current production level at the concession C 96 and boosting production at C 97.

As part of its Strategic Cooperation Agreement with Italy’s ENI, Gazprom is negotiating the possibility of swapping assets, including assets in Libya.

Founded in 1970, the Libyan National Oil Corporation (NOC) is currently engaged in hydrocarbon exploration and production on the territory of Libya. NOC owns a petrochemical complex in Ras Lanuf and a number of refineries.

In April 2008 Gazprom and the National Oil Corporation of Libya signed the Memorandum on Cooperation. Pursuant to the Memorandum, the parties will study the possibilities of implementing joint projects in the energy area.