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GAZPROM

May 24, 2007

Gazprom and Soteg sign Agreements on CCP construction project in Germany

Today in Luxemburg, in the frames of the visit of the Russian Federation President Vladimir Putin, Alexey Miller, Chairman of the Gazprom Management Committee and Jean Lucius, Director General of Soteg SA have signed a Joint Action Agreement as well as an Operational Agreement on financial services and supply services for the Combined-Cycle Plant (CCP) construction project in Germany.

The documents secure the main principle for the project management and undertaking the expenses which will be carried by the parties before the moment of the CCP construction and operating joint venture set up.

The signing of said Agreements will enable the Gazprom Group to make one more important step towards implementation of the strategy to enter the European final consumer market.

Reference:

Soteg SA was established in 1974 in Luxemburg. The company’s shareholders are the state (21 per cent), SNCI (10 per cent), Arcelor (10 per cent), E.ON Ruhrgas (20 per cent), Cegedel (19 per cent) and SaarFerngas (10 per cent). Soteg SA is a major natural gas and electricity supplier in Luxemburg.

On April 13, 2007, Gazprom Marketing & Trading Ltd. and Soteg SA signed a Memorandum of understanding to set up a joint venture for construction of Combined-Cycle Plant (CCP) in Germany.

CCP with total capacity of 800 Mw (two turbines of 400 Mw) is planned to be constructed in the town of Eisenhuttenstadt. It is also planned to commit EUR 400 mln. CCP will be commissioned in 2010.

A part of electric power produced will be sold by the joint venture directly to industrial consumers under the long-term arrangements, with rest to be marketed by Gazprom Marketing & Trading Ltd. and Soteg SA.

 

 

 

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