Led by Alexey Miller, Chairman of the Gazprom Management Committee, the Company's delegation made a business trip to Slovenia.

During the visit Alexey Miller met with Janez Jansa, Prime Minister of Slovenia.

The parties discussed the status of the Russian-Slovenian cooperation in the energy sector regarding, first of all, implementation of the South Stream project and the terms and conditions for Russian gas supplies to Slovenia.

It was highlighted that the constituent documents had been signed and submitted to state registration bodies. The documents contain, inter alia, the Articles of Association of the joint project company (JPC) South Stream Slovenia LLC, being established by Gazprom and Plinovodi for the South Stream project implementation in the Republic of Slovenia.

South Stream Slovenia LLC will deal with spatial planning, environmental impact assessment and basic design work. The shareholding in the company will be split on a parity basis between Gazprom and Plinovodi.

Upon the JPC incorporation, the parties will initiate the procedure of granting the project of national significance status to the South Stream gas pipeline in Slovenia. The JPC registration will be completed in the nearest future.

Based on the meeting results, the parties noted that Gazprom together with the Slovenian party would continue intense efforts on South Stream implementation to get the project's final investment decision adopted in November 2012.

Background

In 2011 Gazprom supplied Slovenia with 0.53 billion cubic meters of natural gas. The current contract is effective through to 2017.

With a view to diversify the natural gas export routes Gazprom is planning to construct a gas pipeline running under the Black Sea to the countries of Southern and Central Europe – the South Stream project.

The projected throughput of the South Stream offshore section will reach 63 billion cubic meters per year. Construction of South Stream will start in December 2012. First supplies via the gas pipeline are planned for the end of 2015.

Intergovernmental agreements were signed with Bulgaria, Serbia, Hungary, Greece, Slovenia, Croatia and Austria in order to implement the onshore gas pipeline section.

On May 27, 2010 Gazprom and Plinovodi signed the Feasibility Study Agreement for the South Stream section in Slovenia.

On March 22, 2011 Gazprom and Plinovodi signed the Shareholders Agreement on South Stream Slovenia LLC being set up on a parity basis to implement South Stream in Slovenia. The company will be engaged in project documents preparation, fundraising, construction and operation of the gas pipeline in Slovenia.

On February 27, 2012 Gazprom's delegation paid an official visit to the Republic of Slovenia. As part of the visit, Alexey Miller and Marjan Eberlinc, Director General of Plinovodi, signed a Supplementary Agreement to the South Stream Slovenia LLC Shareholders Agreement. The document sets out the layout and parameters of the gas pipeline's Slovenian section that were defined on the basis of the Consolidated Feasibility Study of the project.