Today during the XIV St. Petersburg International Economic Forum Alexey Miller, Chairman of the Gazprom Management Committee met with Leonid Mikhelson, Chairman of the Novatek Management Committee.

The meeting focused on the prospects for the companies’ cooperation within the project for liquefied natural gas (LNG) facilities construction on the basis of the Yuzhno-Tambeyskoye field.

The parties expressed mutual interest in maintaining Russian natural gas competitiveness, diversifying its supply routes including in the form of LNG.

A Cooperation Agreement was signed in the conclusion of the meeting. The Agreement determines the major parameters for interaction between Gazprom and Novatek in implementing the project for LNG facilities construction based on the Yuzhno-Tambeyskoye field, as well as the infrastructure creation and subsequent utilization on the Yamal Peninsula. The parties identified the Yuzhno-Tambeyskoye field as the basis for the pilot LNG project on Yamal.

When executing this project the companies will seek involvement of the domestic equipment manufacturers that adopt the world’s most advanced technologies, particularly in the field of the ice class tanker fleet creation, and the enhancement of the domestic petroleum industry’s workforce capacity.

In addition, the Agreement provides for interaction between the companies in minimizing the impact on the Far North regions, preserving their environment and the indigenous peoples’ culture.

“Immense resources of the Yamal fields will become one of the main factors contributing to steady development of the entire Russian gas industry for the decades to come. It is the comprehensive approach to the Yamal fields development, infrastructure sharing and time proven partnership that will allow implementing these projects with maximum efficiency,” said Alexey Miller.

A long-term Agency Agreement was also signed today between Gazprom export and Yamal LNG stipulating for LNG exports from the Yuzhno-Tambeyskoye field.