The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Vagit Alekperov, President of LUKOIL.

The parties addressed implementation of the Agreement on Strategic Partnership signed on March 29, 2005 and, in particular, gas supplies from LUKOIL fields in the Bolshekhetskaya Depression and the Northern Caspian Sea.

The companies' heads confirmed the accords on basic principles of the strategic partnership based on unswerving compliance with mutual interests in the gas supply sector.

Background

The cooperation between Gazprom and LUKOIL is based on the General Agreement on Strategic Partnership for 2005 through 2014 inked in March 2005.

The Agreement envisages joint delivery of projects related to oil and gas exploration and development in the Yamal-Nenets Autonomous Area, the Nenets Autonomous Area, the Russian sector of the Caspian Sea, the Republic of Uzbekistan and other regions as well as deeper cooperation on oil and gas condensate shipment from the northern Nenets and Yamal-Nenets Autonomous Areas.

In March 2011 Gazprom and LUKOIL signed an Agreement on Gas Supply from the Bolshekhetskaya Depression and the Northern Caspian Sea. Pursuant to the Agreement, LUKOIL will supply Gazprom with natural gas from the Bolshekhetskaya Depression fields between 2012 and 2016. According to the document, potential alteration in the respective amounts depends on when the Bolshekhetskaya Depression fields are brought onstream and how Gazprom's GTS is loaded.