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GAZPROM

October 14, 2005

Results of the working meeting between Alexey Miller and David O’Reilly

Today at Gazprom headquarters Alexey Miller, Chairman of Gazprom Management Committee, held a working meeting with David O’Reilly, Chairman of the Board and Chief Executive Officer, Chevron Corp.

Alexey Miller and David O’Reilly discussed Chevron’s proposals regarding Shtokman field development. The prospects of mutual cooperation between the two companies in liquefied natural gas (LNG) production project and possible utilization of Chevron’s regasification facilities in the U.S. were discussed.

Reference:

The U.S. is of the most promising LNG markets in the world. Since 2002 LNG imports to the United States more than doubled, and in 2004 the volume of LNG imports amounted to 18 bcm. According to the estimates by Energy Information Administration, the US Department of Energy, LNG imports may increase several times by 2010. Domestic gas production will not cover the country’s needs, and substantial natural gas imports increase is necessary.

There are currently four LNG receiving terminals in the United States with total annual capacity of 45.8 bcm. Ten new terminals are planned on both the East and West coasts of the United States with total annual capacity of around 140 bcm of LNG.

ChevronTexaco Corp. has a 125 year history and is currently one of the leading international integrated petroleum corporations. The company operates in 180 countries, and employs more than half a million people. The decision to change the company name from ChevronTexaco to Chevron was made in 2005.

Chevron’s key businesses include power generation, oil and gas production, oil refining and natural gas treatment, energy resources transportation, new petroleum technologies development, investment activities, market research and energy supply to end users.

 

 

 

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