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October 20, 2005

Results of the working meeting between Alexey Miller and Paolo Scaroni

Today at Gazprom headquarters Alexey Miller, Chairman, Gazprom Management Committee, held a working meeting with Paolo Scaroni, Chief Executive Officer, ENI.

The parties discussed issues related to cooperation development between Gazprom and ENI in connection with recent oil assets acquisitions by the Russian company.

Alexey Miller and Paolo Scaroni agreed to revise previously reached package agreements on natural gas and take into consideration new cooperation possibilities in oil projects, oil and petroleum products supply to Europe. Therefore the agreement between ENI and Gazprom of May 10, 2005, was pronounced nonbinding.


Italyís natural gas market is the third largest in Europe after Great Britain and Germany. Natural gas accounts for more than 30% in Italyís energy balance. Total national consumption in 2004 reached 81 bcm. Around 86% of natural gas demand in Italy was covered by imports. The principal gas suppliers are Algiers and Russia.

Italy is the second largest importer of Russia produced natural gas in Europe. Gazprom Group supplies gas to Italy according to five long term contracts. In 2004 supply volume reached 21.3 bcm of natural gas.

In February 1998 Gazprom and ENI signed a Strategic cooperation agreement. According to the agreement, the two companies participate in the Blue Stream project (the Black Sea trunk subsea gas pipeline for direct supplies of natural gas from Russia to Turkey). The Blue Stream Pipeline Company was incorporated by Gazprom and ENI to provide project financing, gas pipeline construction and operation management. In February 2003 the Blue Stream went into operation. Since then 7.8 bcm of natural gas was supplied to Turkey via the gas pipeline.

Gazprom and ENI signed a package agreement on May 10, 2005, regarding such issues as redistribution of a part of natural gas volumes contracted to ENI in connection with the Italian gas market liberalization, extension of long term contracts between ENI and Gazprom and the corresponding terms of payment, the prospects of Gazpromís joint ventures in servicing Italian end users.

On September 28, 2005, Gazprom and Millhouse Capital signed binding documents regarding the purchase of 72.663% of Sibneft shares. The deal is valued at US$ 13.091 billion. Earlier Gazprom signed the deal to purchase 3.016% of Sibneft stock from Gazprombank.

Consequently Gazprom has gained control of 75.679% of Sibneft shares. The deals were endorsed by Gazprom Management Committee and approved by Gazprom Board of Directors.




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