Today Gazprom’s Headquarters has hosted a working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Leonid Mikhelson, Novatek’s CEO.

The parties addressed the implementation of a Partnership Agreement between the firms, focusing on the prospects for joint hydrocarbon geological exploration and processing projects.

Reference:

Gazprom and Novatek entered into the Partnership Agreement in July 2005.

The Agreement outlines the parties’ interest in joint natural gas & gas chemicals transmission, processing and marketing as well as mutually beneficial cooperation.

The Agreement sets forth the following joint businesses including:

 - formulating an integrated long-term strategy for the Russian gas industry and respective market relationship development;

 - developing gas production capacities and infrastructure on a win/win basis;

 - developing and implementing projects to erect gas condensate transmission infrastructure.

The Agreement also fixes the mutual intention to join forces in the following areas:

 - constructing joint hydrocarbon processing facilities, including ethylene/polyethylene, propylene/polypropylene, methanol and liquefied gas production infrastructure;

 - expanding capacities for the use of liquefied & compressed gas as motor and household fuel;

 - implementing regional socioeconomic development plans and stepping up environmental recuperation measures.