Gazprom’s headquarters hosted today a working meeting of Alexander Ananenkov, Deputy Chairman of the Company’s Management Committee, Mitsuo Hidaka, Mitsui & Co., Ltd. Managing Officer and Noriaki Sakamoto, Mitsui & Co., Ltd. Executive Managing Officer.

The parties addressed the prospects for cooperation in the energy sector dwelling in particular on the expansion of LNG and CNG deliveries to Asia-Pacific and Japan as well as on the transition to a feasibility study for the Vladivostok project.

The parties considered potential interaction in the gas processing and gas chemical sectors in Russia’s Far East as part of the Eastern Gas Program.

The parties also discussed a wide range of issues with regard to the implementation of hi-tech projects in the environmental and APG utilization areas, particularly in cooperation with Gazprom neft.

Background:

Japan’s Mitsui & Co., Ltd. (Mitsui) was founded in 1876. Cooperation between Gazprom and Mitsui dates back to 1993.

Mitsui is engaged in developing, purchasing, selling, distributing and processing all types of energy products both in Japan and abroad, as well as in financial activities.

Mitsui holds a 12.5 per cent stake in Sakhalin Energy  – operator of the Sakhalin II world’s largest petroleum project. Participating in the project are also Gazprom (50 per cent plus one share), Shell (27.5 per cent), and Mitsubishi (10 per cent).

On February 18, 2009, the first Russian LNG plant was commissioned as part of the Sakhalin II project.

On May 12, 2009, a Memorandum of Understanding was signed between Gazprom, Japan’s Natural Resources and Energy Agency under the Economy, Trade and Industry Ministry and Japanese companies. The Memorandum stipulates joint studies of potential natural gas utilization in the vicinity of Vladivostok (Vladivostok project): its further transportation and sales and/or processing and derivatives marketing to potential customers in Asia-Pacific including Japan.

The September 3, 2007 Order by the Russian Federation Industry and Energy Ministry approved the Development Program for an integrated gas production, transportation and supply system in Eastern Siberia and the Far East, taking into account potential gas exports to China and other Asia-Pacific countries (Eastern Gas Program). Gazprom was identified by the Russian Government as the Program execution coordinator.