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November 23, 2005

Accord on higher reliability of gas supply to Romania reached

Moscow has hosted a meeting of Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee, Gazexport’s Director General, Rainer Seele, Member of Wintershall AG’s Board of Executive Directors (Gas Business) and Codrut Seres, Romanian Economy and Commerce Minister.

Focusing on higher reliability of gas supply to Romania, the parties discussed current cross-border pipeline projects as well as potential cooperation while expanding the Romanian network of underground gas storage depots. In the presence of Codrut Seres, the parties signed an agreement extending the term of the Russian natural gas supply to Romania through WIEE contract till 2030.

Gazprom and Wintershall’s long-lasting business in Romania

Starting 1993 Gazprom and Wintershall’s 50/50 joint venture Wintershall Erdgas Handelshaus Zug AG (WIEE) has supplied Romania with over 40 bcm of natural gas (which is the bulk of overall Romanian imports), substantially bolstering the reliability of gas deliveries to Romania.

Via the WIROM S.A. joint venture owned by WIEE (51%) and DISTRIGAZ SUD S.A. (49%), Gazprom and Wintershall make direct investments into urban gas utilities of southern Romania, with natural gas already flowing to Turnu Magurele and Alexandria since last year.

At present WIEE is acting as coordinator of cross-border pipeline projects in northern and southern Romania for the purpose of promoting sustainable gas deliveries throughout the country.

Gazprom’s major businesses are geological exploration, production, transmission, storage, processing and marketing of natural gas and other hydrocarbons. The company’s gas reserves are valued at 28 tcm, which is 60 and 16 per cent of the Russian and global total, respectively. Gazprom extracts some 90 and 20 per cent of overall gas produced domestically and worldwide, respectively. Gazprom supplies 25 per cent of the European gas market and some 75 per cent of the home gas market needs, with gas flowing to 29 foreign countries. Gazprom’s business expansion highlights over 2004 point to its sustainable economic and financial standing as well as the potential for further efficient and dynamic development.

Wintershall is the largest European wholly owned subsidiary of BASF AG, based in Ludwigshafen, Germany. Headquartered in Kassel, Wintershall has been active in the exploration and production of oil and gas within so far 75 years and is now the largest petroleum business in Germany. Wintershall is deliberately focusing on selected core regions where the company possesses a wealth of regional and technological expertise. These regions include Europe, North Africa and South America, as well as Russia and the Caspian area. Natural gas trading is Wintershall’s second core activity sector. The total amount of gas sold in 2004 by the three Russian-German joint ventures, WINGAS, WIEH and WIEE was 304.1 billion kilowatt hours, 17.6 billion kilowatt hours (six per cent) up on 2003. By the end of 2004 the three firms boosted their sales 50 per cent versus the start of 2000 and WINGAS’ sales almost doubled.




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