The Gazprom Headquarters today hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Viktor Vekselberg, Executive Director (Gas Development) of TNK-BP.

The parties discussed issues related to the preparation of the transactions for Gazprom to purchase from TNK-BP a 68.2 per cent stake in RUSIA Petroleum and a 50 per cent stake in East Siberian Gas Company.

The parties also addressed issues concerning deeper cooperation between the companies in other projects.

Reference:

On June 22, 2007, Gazprom, BP and TNK-BP entered into the Agreement on the major terms. The Agreement contemplates establishing a strategic alliance between the companies for long-term investment in joint energy projects as well as asset swaps both in Russia and in third countries.

Pursuant to the Agreement, TNK-BP will sell to Gazprom a 62.8 per cent stake in RUSIA Petroleum, which holds the license for the Kovykta field as well as a 50 per cent stake in East Siberian Gas Company implementing a regional gasification project for the Irkutsk Oblast. The parties agreed that the transaction amount would be fixed within 90 days according to an actual market value appraisal.

Gazprom and TNK-BP also agreed on a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option could be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.