Today, at Gazprom’s Moscow-based Headquarters, Alexey Miller, Gazprom’s Management Committee Chairman and Vagit Alekperov, LUKOIL’s President have entered into a General Agreement on strategic partnership over 2005 to 2014.

Under the Agreement, the parties are intent on jointly implementing oil and gas field exploration and development projects in the Yamal-Nenets Autonomous Area (YaNAA), Nenets Autonomous Area (NAA), Russian Caspian Sea, Republic of Uzbekistan and other regions. Gazprom and LUKOIL also agreed to promote cooperation in oil and gas condensate marine transportation from the northern NAA and YaNAA.

The parties will keep on maintaining the existing partnership relations in supplies of hydrocarbon feedstock, production of oil and gas refining output and distribution of spare oil and gas condensate resources to the gas and oil processing facilities located both inside and outside Russia.

At the same time, Gazprom and LUKOIL will annually agree on the amount and terms & conditions of reciprocal hydrocarbon and oil refining output supplies. To ensure the optimum loading of Gazprom and LUKOIL’s oil and gas processing plants, the parties will develop a joint long-term hydrocarbon processing program to produce rubbers, plastics and other oil & gas refining output.

In addition, the parties strive to intensively cooperate in rationally applying a wide fraction of light hydrocarbons, associated petroleum and natural gases in such sectors as use of gas as motor fuel and production of state-of-the-art polymers & elastomers and their derivatives.

“The Agreement signed today is another crucial phase of bilateral interaction and a showcase of mutually beneficial cooperation between Gazprom and independent gas producers,” – said Alexey Miller.

“Making joint use of Gazprom and LUKOIL’s production and scientific potentials along with their human and financial resources will bolster economic expansion in Russia and the solidification of the economic potential of each of the two companies,” – Vagit Alekperov, LUKOIL’s President was quoted as saying.

Reference:

Until now, cooperation between Gazprom and LUKOIL has been based on the November 2002 General Agreement on strategic cooperation for 2002 to 2005.

In July 2003, Gazprom and LUKOIL set up the 50/50 TsentrCaspneftegaz joint venture to develop together with the Kazakh KazMunaiGaz company the Tsentralnaya structure located in the Russian Caspian Sea, 150 km east of the city of Makhachkala.

In October 2003, Gazprom and LUKOIL entered into a Contract on the latter company’s deliveries of the gas originating from the Nakhodka gas field in the Bolshekhetskaya Trough (YaNAA), starting 2005.

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