The Headquarters of Gazprom today hosted working meetings of Alexey Miller, Chairman of the Company’s Management Committee with Christophe de Margerie, Chief Executive Officer of Total and Helge Lund, President and Chief Executive Officer of StatoilHydro.

The parties addressed the state of implementation of the Shtokman project phase one and noted that the work was progressing according to schedule.

Discussion also centered on a work plan of Shtokman Development AG special purpose company.

Reference:

On July 13, 2007, Gazprom and Total entered into the Framework Agreement on the main terms and conditions for cooperation at stage one of the Shtokman gas and condensate field development. A similar Agreement between Gazprom and StatoilHydro was signed on October 25, 2007.

On February 21, 2008, Gazprom, Total and StatoilHydro signed a Shareholder Agreement to create a special purpose company, Shtokman Development AG, for engineering, developing, constructing, financing and operating Shtokman’s stage one facilities.

The special purpose company will be the owner of Shtokman’s stage one infrastructure over 25 years from the field startup date.

The relations between the special purpose company and Sevmorneftegaz (license holder for Shtokman) will be based on a contract, pursuant to which the company will bear all financial, geological and technological risk while extracting gas and condensate and producing LNG.

Gazprom retains a 100 per cent stake in Sevmorneftegaz and all product marketing rights.