Today the Gazprom Headquarters has hosted a regular working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Tony Hayward, Chief Executive Officer of BP Group.

The parties addressed issues with regard to cooperation development in international energy markets.

Emphasis was also put on the progress with the preparation of the deals embracing Gazprom’s acquisition of a 62.8 per cent stake in RUSIA Petroleum and a 50 per cent stake in East Siberian Gas Company from TNK-BP.

Reference:

On June 22, 2007, Gazprom, BP and TNK-BP entered into the Agreement on the general terms and conditions. The Agreement contemplates establishing a strategic alliance between the companies for long-term investment in joint energy projects as well as stipulates asset swaps both in Russia and third countries.

Pursuant to the Agreement, TNK-BP will sell to Gazprom a 62.8 per cent stake in RUSIA Petroleum, which is the license holder for the Kovykta field, as well as a 50 per cent stake in East Siberian Gas Company, which is implementing a regional gasification project for the Irkutsk Oblast.

Gazprom and TNK-BP also agreed on a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option can be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.