Today, in Belgrade, within a working visit of Dmitry Medvedev, First Deputy Prime Minister of the Russian Federation, to the Republic of Serbia, Alexey Miller, Chairman of the Gazprom Management Committee took part in the meetings with Boris Tadic, Serbian President and Vojislav Kostunica, Serbian Prime Minister.

In the presence of Dmitry Medvedev and Vojislav Kostunica, AlexeyMiller and Sasa Ilic, Acting Director General of state-owned company Srbijagas signed an Agreement of Cooperation between Gazprom and Srbijagas to implement a gas pipeline construction project for natural gas transit across the territory of the Republic of Serbia.

The Agreement envisages the establishment of a joint venture to perform a feasibility study as well as the construction and operation of an at least 10 bcm natural gas pipeline running across Serbia as part of the South Stream gas pipeline system.

To prepare the joint venture foundation documents the parties will establish a Steering Committee and a Joint Working Group to be in action until the joint venture is set up.

The Gazprom delegation also visited the production facilities of Panchevo, the largest oil refinery in Serbia.

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In 2007 Gazprom export supplied more than 2 bcm of Russian gas to Serbia.

Founded on October 1, 2005 by the Government of the Republic of Serbia within the reorganization of the state-owned company NIS (Naftna Industrija Srbije – Serbian Oil Industry), Srbijagas is the Serbian state-owned company dealing with natural gas transmission, distribution and storage in Serbia.

On January 25, 2008, the Umbrella Intergovernmental Agreement for the South Stream project and the Banatski Dvor UGS project was inked. In parallel, Gazprom Neft signed the Agreement on the acquisition terms for a controlling stake (51per cent) in state-owned company Naftna Industrija Srbije (NIS).