Led by Alexey Miller, Gazprom’s Management Committee Chairman, Gazprom’s delegation has paid today a working visit to Turkmenistan.

Alexey Miller and Turkmen President Saparmurat Niyazov discussed matters of bilateral cooperation in the gas sector in 2006 and onwards.

Expressing their satisfaction with the dynamically developing cooperation and fulfillment of all the commitments made earlier, the parties pointed to the substantial growth of energy, materials and oil & gas equipment prices and agreed to update the price of the Turkmen gas supply to Gazprom, taking into account the above factors.

The Turkmen gas price for 2006 was fixed at US $65 per 1,000 m?. Given that at present Turkmenistan has extra gas volumes, the supply conditions of which have not been agreed upon yet, the parties decided to boost gas supply to Gazprom to 30 bcm, with 15 bcm to be delivered in the first quarter of 2006.

The terms and conditions of joint businesses for 2007 and onwards will be identified in the second half of 2006, as stipulated by the existing Contract valid till 2028.