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Gazprom OAO and NOVATEK OAO Extend Memorandum of Cooperation


Wednesday, 26 Dec 2012 07:00pm EST 

Gazprom OAO announced that the Company and Novatek OAO have extended the Memorandum of Cooperation signed this April until February 1, 2013. According to the document, Gazprom and NOVATEK address possible establishment of joint ventures to build up integrated capacities on liquefied natural gas (LNG) production on the Yamal Peninsula and joint development of the available resource base on the Gydan Peninsula. For the purpose of increasing LNG production on the Yamal Peninsula the Parties are considering possibilities for setting up a joint venture based on the resources of the Tambey group of fields owned by Gazprom, with stakes to be provisionally distributed among the participants in the following way: Gazprom OAO – 75%, NOVATEK OAO – 25%. Gazprom OAO and NOVATEK OAO will seek to develop and approve an integral development program for the fields they own on the Gydan Peninsula. In the nearest future Gazprom and NOVATEK will make a further step towards setting up a joint venture on LNG production in Yamal. The relevant documents will be signed next January, said Alexey Miller. 

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