Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Karsten Heuchert, Chairman of the Verbundnetz Gas Executive Board and Uwe Barthel, Member of the Verbundnetz Gas Executive Board signed a Sci-Tech Cooperation Agreement.

The parties agreed on elaborating a Sci-Tech Cooperation Program that would be updated every 1 to 3 years. The mentioned Agreement replaces the similar document of 2008 and will be valid until December 31, 2029.

“Promotion of innovative activities based on equality and mutual benefit is an important component of our partnership. Nowadays the innovations largely determine success on the market,” said Alexander Medvedev.

Background

Established in 1969, Verbundnetz Gas (VNG) is a supplier of gas to Germany's eastern federal lands and Berlin. VNG business activities involve natural gas import, supplies to consumers as well as underground gas storage .

At present, the company's shareholding structure is as follows: EWE – 47.9 per cent, Wintershall Holding – 15.79 per cent plus one share, VNG Verwaltungs und Beteiligungsgesellschaft – 25.79 per cent less one share, Gazprom – 10.52 per cent.

In 2008 Gazprom and Verbundnetz Gas signed the Sci-Tech Cooperation Agreement that provided for growing partnership between the parties on gas transportation, distribution and utilization, corrosion protection of pipelines, energy efficiency as well as cooperation deepening between the companies within transition economy.