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GAZPROM

June 3, 2004

Andrey Kruglov named as Project Financing Coordinator

Alexey Miller, Gazprom’s Management Committee Chairman signed an executive order to name Andrey Kruglov, Deputy Chairman of Gazprom’s Management Committee and Head of the Company’s Finance and Economics Department as Project Financing Coordinator and Chairman of the Corporate Investment Projects Steering Committees exercising control over:

  • The Yuzhno-Russkoye oil and gas condensate field development
  • The completion of the Novy Urengoi Gas Chemical Integrated Complex construction
  • The construction of the North-European gas pipeline

Project financing methods will also be applied for the implementation of projects on the development of small-sized oil, gas and oil and gas condensate fields in the northern Tyumen region.

 

Reference:

Gazprom’s Management Committee resolved to initiate the implementation of the North-European gas pipeline (NEGP) construction Project on 18 November 2002. The gas pipeline will go under the Baltic Sea from the town of Vyborg to the German coast and then to Great Britain. The NEGP offshore section will total 1,189 km. The NEGP construction will foster expansion of gas supplies to the Scandinavian countries as well as will secure and diversify gas deliveries to West Europe, Russia’s north-west and the Kaliningrad region.

In December 2000, the European Commission resolved to award the NEGP Project with the TEN (Trans European Networks) Status.

The world’s largest energy businesses, including Ruhrgas, Wintershall, Gasunie, Shell, TotalFinaElf, British Petroleum, Centrica and others showed their interest in implementing the NEGP Project.

On 16 January 2004, the RF Government issued Order N64-r, approving a proposal by the Energy Ministry of Russia and Gazprom to engineer the NEGP.

Gazprom plans to finalize all preparations and to adopt an investment decision on the NEGP in the 4th quarter of 2004.

The Yuzhno-Russkoye oil and gas field is located in the Krasnoselkup District of the Tyumen Region’s Yamal-Nenets Autonomous Area. The proved and probable gas reserves of this field are estimated at some 600 bcm. The Yuzhno-Russkoye field exploration and development licensee is Severneftegazprom, a 100% Gazprom subsidiary. The Yuzhno-Russkoye field was identified as a major resource base to be used for gas deliveries by the NEGP.

Gazprom’s Management Committee resolved to establish the Novy Urengoi Gas Chemical Integrated Complex on 20 May 1993. Upon building this Complex, Gazprom will be able to annually produce some 300 thousand tons of polyethylene. In April 2002, Gazprom’s Management Committee decided to include the Complex into a list of top priority facilities to be constructed by the Company. In 2003, Gazprom’s experts devised a plan of paramount measures aimed at implementing this Project.

In June 2003, Gazprom started implementing Projects on the development of small-sized oil, gas and oil and gas condensate fields in the northern Tyumen region by applying project financing methods.

The aforementioned Projects were launched to develop small-sized hydrocarbon fields situated within short distances from the existing gas transmission infrastructure as well as to develop new areas of such gigantic fields as the Urengoiskoye, Medvezhye and Yamburgskoye ones.

The Projects are targeted at extending the life of main depleting fields in the Nadym-Pur-Taz region, at meeting the challenge to build up gas production before the start of the Yamal Peninsula fields development as well as at developing oil fields.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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