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April 19, 2005

Visit to USA finalized

Gazprom’s delegation has finalized today its working visit to the United States of America, held on the invitation of Dr. Samuel Bodman, US Energy Secretary. In the course of the visit, Alexey Miller, Gazprom’s Management Committee Chairman met with Samuel Bodman as well as Carlos Gutierrez, US Commerce Secretary.

The focus of the meetings fell on cooperation in liquefied natural gas (LNG) production and supplies to the US market.

Samuel Bodman emphasized that US Administration would endeavor to establish favorable environment for closer business cooperation between Gazprom and US energy firms in Russian gas marketing in the USA, paying special attention to the need of expanding US gas regasification capacities.

Alexey Miller informed Samuel Bodman and Carlos Gutierrez of the talks between Gazprom and US energy companies to select partners overseeing Russian LNG shipments to the North American market.

The parties pointed once again to the fact that Russian liquefied and compressed natural gas sea-borne transportation was a promising business for the two countries.

“Promoting cooperation with US energy companies along the entire LNG business chain, from extraction to marketing, will move the energy dialogue between our firms to a qualitatively new level. Late this year, Gazprom will adopt a final resolution on its co-partners in the Shtokman field development,” – said Alexey Miller at the close of the talks.


In 2005, Gazprom intends to launch LNG swap deliveries to the USA: Russian pipeline gas going to Europe will be swapped for LNG supplied by US firms to the North-American market.

Over 2006 and 2009, swap shipments are projected in the form of mid-term contracts with US companies. Long-term direct Russian LNG deliveries to the USA are due after 2010.

US energy companies are showing big interest in cooperation with Gazprom in Russian gas supplies to the USA.

Until now, Gazprom has so far managed to seal memorandums of understanding with ChevronTexaco, ConocoPhillips and ExxonMobil. Said memorandums stipulate Gazprom’s potential involvement in LNG regasification in North America, gas supplies & marketing in the USA and US pipeline swap transactions as well as joint participation in an LNG project in Russia. In addition to US companies, Gazprom has signed similar memorandums with Statoil, ChevronTexaco, Hydro and Petro-Canada.

The United States of America is one of the most promising global LNG markets. Starting 2002, LNG imports to the USA were on a more than two-fold rise to some 18 bcm, as of 2004. Under the US Energy Department’s Energy Information Administration’s forecasts, said parameter might grow several times by 2010. At the same time, domestic gas production rates will be insufficient for the country’s needs, causing a substantial increase in gas imports.

As of today, the USA counts on 4 LNG-reception terminals with the total capacity of some 45.8 bcm/y. In addition, the country intends to construct another 10 LNG terminals on the US Eastern and Western Coasts, having roughly 140 bcm/y in possible overall capacity.

The natural gas reserves of the Shtokman gas condensate field (Barents Sea offshore) average 3.2 tcm. Gazprom’s experts have performed a pre-investment feasibility study for the Shtokman field development, evaluating the technical viability of the project and expenses on gas extraction, liquefaction and supply to the USA. The calculations have shown that gas can be delivered to the USA at internationally competitive prices.





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