Alexey Miller, Chairman of the Gazprom Management Committee and Fulvio Conti, Chief Executive Officer of Enel held a working meeting today within the framework of the St. Petersburg International Economic Forum 2011.

The parties discussed the prospects for developing the cooperation between the companies on joint projects in the gas and power industries in Italy, Russia and third countries.

The meeting participants also considered the preparation of a gas purchase agreement between Gazprom and SeverEnergia.

Background

Being a leading international energy company Enel is engaged in power and gas production, distribution and marketing in 22 countries.

Yamal razvitiye (owned by Gazprom neft and NOVATEK on a parity basis) holds a 51 per cent stake in SeverEnergia with the remaining 49 per cent owned by Arctic Russia B.V., a joint venture of Italian Eni (60 per cent) and Enel (40 per cent).

SeverEnergia fully owns Arcticgaz, Urengoil Inc. and Neftegaztekhnologia. The companies hold subsurface licenses for oil and gas fields in the Yamal-Nenets Autonomous Okrug: the Samburgsky, Yevo-Yakhinsky, Yaro-Yakhinsky and Severo-Chaselsky blocks. Their ABC1 + 50% C2 reserves amount to 919 billion cubic meters of gas, 330 million tons of oil and 109 million tons of condensate.