Gazprom’s delegation is on a visit to the United States of America. Today, in Washington DC, Alexey Miller, Gazprom’s Management Committee Chairman and David O’Reilly, Chairman of ChevronTexaco’s Board of Directors signed a Memorandum of Understanding.

The Memorandum stipulates 6-month-long survey studies to be conducted with the view of implementing joint oil and gas projects in Russia and the USA.

Said survey studies will pursue the following objectives:

• the parties’ involvement in a liquefied natural gas (LNG) production project in Russia
• Gazprom’s participation in the use of the ChevronTexaco-owned regasification capacities in the USA
• potential implementation of Gazprom and ChevronTexaco’s joint projects in the oil and gas sector

“Signing a joint Memorandum is part of the Russia-USA inter-governmental dialogue and a vivid example of economic cooperation between the 2 countries. Gazprom is disposed to access the US capacious and dynamically developing gas market as well as to attract to Russia advanced LNG production and transportation technologies,” – said Alexey Miller after signing the Memorandum.

“ChevronTexaco is laying special emphasis upon long-term investments into Russia. Carrying on a global integrated gas business is key direction of our company’s strategic development. This Memorandum of Understanding will serve as a starting point for the implementation of joint strategies,” – maintained David O’Reilly.

Reference

The United States of America is one of the most promising global LNG markets. Over 2003, LNG imports to the USA more than doubled from 4.8 mln t in 2002 to 11 mln t. Under the US Energy Department’s Energy Information Administration’s forecasts, said parameter will reach 47 mln t by 2010. At the same time, domestic gas production rates will be unsufficient 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 18 mln t/y. The USA intends to construct another 10 LNG terminals on the US Eastern and Western Coasts, having roughly 60 mln t/y in overall capacity.

Tracing its roots to over 125 years ago, the ChevronTexaco company is, at present, one of the world’s largest and most competitive global energy firms. ChevronTexaco is active in more than 180 countries and employs over 500 thousand highly skilled specialists.

The company’s major businesses are power generation, oil & gas production and processing, energy transmission, development of new technologies for the oil and gas industry, investment activities, marketing survey and energy deliveries to end consumers.

DIVISION OF RELATIONS WITH MASS MEDIA