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GAZPROM

May 17, 2005

Gazprom acquires stake in Fortum and becomes 100% stockholder of North Transgas OY

Gazprom’s Board of Directors agreed on the acquisition of the North Transgas OY 50% stake owned by Fortum Heat and Gas OY. Upon the deal execution, Gazprom’s share in the authorized capital of North Transgas OY will grow from 50 to 100%.

Increasing Gazprom’s stake in North Transgas OY is driven by the commencement of the North-European gas pipeline (NEGP) construction.

Reference:

Founded in 1997 as a 50/50 joint venture of Gazprom and Neste (nowadays Fortum Heat and Gas OY), North Transgas OY is engaged in the North-European gas pipeline (NEGP) engineering, construction and operation.

Together with the world’s leading engineering firms and Russian research institutes, North Transgas OY has developed a feasibility study for the NEGP construction, confirming the practical and economic viability of natural gas transmission from Russia to West Europe via a new route under the Baltic Sea.

NEGP will mark a qualitatively new phase of cooperation with European gas consumers. For the first time in history, West Europe will directly receive Russian natural gas without the transiting countries’ involvement.

The gearing up for the NEGP project implementation is progressing at full speed. A big scope of work is being performed to study a roughly 917-km-long onshore section of NEGP in Russia. In addition, Gazprom started developing the Yuzhno-Russkoye field being a launching pad for feedstock shipments via NEGP. With its gas reserves valued at over 700 bcm, the field has already undergone initial seismic survey and is being equipped with drilling units.

A leading energy company in the Scandinavian countries and other locations of the Baltic region, Fortum specializes in the power & heat generation, distribution and marketing, refining output production, processing and marketing, power plant operation & maintenance as well as renders a whole spectrum of services in the electricity sector. Fortum’s shares are listed on the Helsinki stock exchange.

Fortum Heat and Gas OY is showing big interest in gas deliveries to the markets of Stockholm and central Sweden. At present, Gazprom is looking into the expediency of laying an NEGP lateral towards Sweden.

DIVISION OF RELATIONS WITH MASS MEDIA

FORTUM CORPORATION

 

 

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