Today in Saint Petersburg within the XIII International Economic Forum Valery Golubev, Deputy Chairman of the Gazprom Management Committee signed the Investment Agreement to implement the Comprehensive Investment Project aimed at elaborating project documentation for the South Yakutia Comprehensive Development Investment Project with the backing of the Russian Government and supplied by the budget allocations from the Russian Federation Investment Fund.

The document was also signed by heads of the Russian Energy Ministry, Federal Road Agency, Federal Railway Transport Agency, the Sakha (Yakutia) Government, Rosatom State Corporation, South Yakutia Development Corporation, Atomredmetzoloto, South Yakutia Hydropower Complex, Alrosa Investment Group, Yakutia Coal – New Technologies, Elkonsky Mining and Metallurgy Plant and RusHydro.

Pursuant to the document signed, Gazprom is going to act as a co-investor of the South Yakutia Comprehensive Development Project, for instance, with a view to create the Yakutia Gas Production Center.

Background:

The South Yakutia Comprehensive Development Investment Project stipulates creating a new large industrial region in Eastern Russia based on the Republic of Sakha (Yakutia) mineral and hydropower resources including the Chayanda field.

On March 10, 2009 the Russian Government adopted the investment certificate for the comprehensive investment project permitting to elaborate the project documentation on South Yakutia development.

In accordance with the Russian Government Directive of April 16, 2008, the license for the Chayanda oil and gas condensate field was granted to Gazprom as the owner of the Unified Gas Supply System.

The Chayanda oil and gas condensate field is located in the Lensky district of the Republic of Sakha (Yakutia). The C1+C2 reserves of the field account for 1.24 trillion cubic meters of gas and 68.4 million tons of oil and condensate.

Gazprom and the Sakha Republic (Yakutia) signed the Cooperation Agreement in July 2007 and the Gasification Accord in June 2008.

The Joint Working Group on the implementation of the Cooperation Agreement was formed in July 2007 between Gazprom and the Republic of Sakha (Yakutia). It is focused on preparation of information, proposals and substantiations for taking timely decisions by Gazprom’s management and the Sakha (Yakutia) Government within the Agreement implementation process. On June 2, 2009 the 2009-2010 actions plan was signed for the Joint Working Group.