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June 30, 2005

On Alexey Miller and Vladimir Semashko’s working meeting

A working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Vladimir Semashko, Vice Premier of the Republic of Belarus took place today at Gazprom’s Headquarters.

The meeting addressed the present-day and future aspects of bilateral cooperation in the gas business. Alexey Miller and Vladimir Semashko reviewed the progress in the preparation of a Gas Sales to and Transit via the Ukraine Agreement for 2006, pointing to the due fulfillment of all the tasks set.

Special emphasis was placed on the prompt registration by the Belarusian side of long-term land leaseholds for the Yamal-Europe gas line infrastructure and completion of the Krupskaya, Slonimskaya, Orshanskaya and Minskaya compressor stations construction. Vladimir Semashko confirmed that Belarus would apply most-favored-nation treatment in its legal accords with Russia.

The parties expressed a common opinion that there were all the required prerequisites available to complete the compressor station construction and bring the Yamal-Europe gas pipeline to its design capacity. This move will substantially enhance the flexibility of Russian gas exports to Europe.


On 30 December 2004, Gazprom and Beltransgaz entered into a Gas Sales and Transit Agreement over 2005. In pursuance of the Agreement, Gazprom will provide Belarus with 19.1 bcm of gas worth of $46.68 per 1,000 cu m, with additional supplies up to 1.4 bcm to be effected to the Republic provided there is enough gas transmission capacity available.

The tariffs for gas transmission by the Beltransgaz-owned networks and Gazprom’s Yamal-Europe pipeline will account for $0.75 and $0.46 per 1,000 cu m, respectively.

On 5 December 2003, Gazprom and Beltransgaz sealed an Agreement to restructurize Belarus’ $75.33 mln gas debt arisen in 1999, 2001 and 2002. Said arrears have been cleared in strict compliance with the schedule.

The Northern Tyumen Region (NTR) – Torzhok and Yamal-Europe gas pipelines are scheduled to link northern Tyumen’s fields with West Europe and will total over 4 thou km.

The Belarusian section of the Yamal-Europe gas pipeline is 575-km-long, with the pipeline transmission part and the Nesvizhskaya compressor station commissioned already. To bring the line to its nominal capacity, another four compressor stations (Krupskaya, Slonimskaya, Orshanskaya and Minskaya) are projected to be brought on-line.

The Belarusian side took up the commitment to provide land and issue a construction license for the Minskaya compressor station not later than 15 August 2005. A similar license for Orshanskaya was granted on 15 June 2004 and the Krupskaya and Slonimskaya construction is underway already.

Gazprom and Beltransgaz entered into an Investment Agreement for the construction of the Yamal-Europe gas pipeline in Belarus on 25 February 2004.

Under the Agreement, Gazprom and Beltransgaz are currently serving as the project investor and customer, respectively.





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