Gazprom’s Headquarters today hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Binyamin Ben-Eliezer, Trade and Industry Minister of the State of Israel.

The parties discussed the prospects for cooperation between Russia and Israel in the energy sector and addressed amongst other things the possibility of arranging for Russian gas deliveries to Israel.

Binyamin Ben-Eliezer expressed considerable interest in Russian gas de;iveries to Israel based on long-term contracts.

Background:

The share of oil, coal and natural gas in the Israeli energy balance accounts for some 67, 30 and less than 1 per cent respectively. The country’s proven natural reserves are estimated at 47 bcm. The annual gas production averages 800 mcm.

The anticipated natural gas demand growth is driven primarily by Israel’s power generation development prospects. According to the Israeli Government’s projections, by 2010 the country’s natural gas needs will average 8 bcm.