A working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Jim Mulva, President and CEO of ConocoPhillips has been conducted today at Gazprom’s Headquarters.

The meeting addressed the present-day and potential status of cooperation between the two companies in pursuance of the December 2004 Memorandum of understanding.

Alexey Miller and Jim Mulva debated the results of a feasibility study jointly performed by the firms for the Shtokman field liquefied natural gas deliveries to the USA. Jim Mulva said that ConocoPhillips had developed a preliminary report on the companies’ achievements within the Memorandum implementation. The parties agreed to discuss the report at a joint Steering Committee meeting due May, this year.

At the same time, the participants exchanged opinions on the current situation and development trends of the US LNG market.

“I’ am positive that the Shtokman project will become another phase of our successful cooperation with the world’s largest energy firms in implementing joint projects. Cooperation like this can be modeled on the Memorandum of understanding recently concluded between Gazprom and BASF. We’re intent on building dialogue with all our foreign partners based on these principles. Gazprom’s mineral resource base and foreign counterparts’ extensive gas markets will lead us to tremendous achievements. Furthermore, we strive to conduct operations along the entire energy business chain,” – maintained Alexey Miller at the meeting.

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A leading player on the US energy market, the internationally competitive oil and gas company ConocoPhillips operates in more than 40 countries of the world and largely focuses on hydrocarbon exploration and production; oil transmission & refining and refined product marketing; natural gas extraction, processing and marketing; petrochemical output and plastics production & marketing.

Being the second-largest (after BP) natural gas vendor in the USA, ConocoPhillips sells domestically some 80 bcm of gas per annum, serving gas distribution companies, power plants and industrial customers.

ConocoPhillips has broad technological experience of deep-water drilling and operations in the Arctic environment. The company counts on state-of-the-art gas liquefaction technologies, operates an Alaska-based LNG plant and develops a handful of similar projects on a global scale.

On 22 December 2004, Gazprom and ConocoPhillips signed a Memorandum of understanding stipulating a preliminary feasibility study to be performed for a liquefied natural gas production and transmission project targeted at the Shtokman gas condensate field output marketing in the USA and other countries on both sides of the Atlantic. In addition, the parties agreed to look into Gazprom’s potential involvement in LNG regasification, pipeline swaps and marketing in North America.

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