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GAZPROM

September 9, 2003

The results of the Gazprom's delegation visit to Houston

Gazpromís delegation is on visit to the USA. On September 8, a meeting of Alexey Miller, Gazpromís Management Committee Chairman, Alexander Ryazanov, Gazpromís Management Committee Deputy Chairman, and J.J. Mulva, President and CEO of ConocoPhillips, took place in Houston, Texas.

The parties discussed the cooperation in developing technologies for the liquefied natural gas (LNG) production, and the prospects of LNG supply to the American market.

ConocoPhillips, an international integrated oil and gas company, is one of the majors on the American energy market. Business activity of the company in more than 40 countries of the world is carried out in the 4 main directions: hydrocarbon exploration and production; oil transportation and refining, oil products marketing; natural gas collection, processing and marketing; production and marketing of petrochemical products and plastic materials.

ConocoPhillips is one of 5 major gas suppliers to the USA. The company annually sales about 80 bcm of gas mainly to gas distribution companies, power plants, and industrial consumers. ConocoPhillips holds a 30.3% stake in DEFS, one of the biggest gas distributing and gas processing American companies.

ConocoPhillips has gained vast technological experience in deep-water drilling and field development under the Arctic conditions. The company has mastered state-of-the-art technologies of gas liquefaction and operates a LNG producing plant in Alaska; the company is involved in implementation of similar projects in other regions of the world.

Within the frames of the working visit to the USA, a meeting between Alexey Miller, Gazpromís Management Committee Chairman, and Jack B. Holmes, President of the Syntroleum company, was arranged in Houston.

The parties agreed to carry out a pre-investment analysis of some projects to be implemented in Russia. These projects envisage the construction of Gas-to-Liquid (GTL) technology-based plants at small fields and at gas fields with a low formation pressure. According to VNIIGazís estimates, the GTL technology developed by Syntroleum is characterized by the lowest specific cost of commercial production.

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