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GAZPROM

June 1, 2004

Outcomes of Gazprom's delegation's visit to Israel

Gazprom's delegation headed by Alexey Miller, the Company's Management Committee Chairman, finalized today its working visit to the State of Israel. Mikhail Akselrod, Gazprom's Management Committee Member and Head of the Company's Capital Construction and Transportation Department was also member to the delegation.

In the course of the visit, Alexey Miller met Ariel Sharon, Israel's Prime Minister. In addition, Gazprom's delegation conducted negotiations with Ehud Olmert, Israel's Vice Prime Minister, Benjamin Netanyahu, Israel's Finance Minister, Joseph Paritzky, Israel's National Infrastructures Minister and Idan Ofer, the Ofer Group's President.

The parties mainly focused on Russian gas deliveries to Israel and Gazprom's participation in establishing a gas supply infrastructure in Israel.

According to the Israeli side's statements, Israel shortly intends to implement large-scale plans of domestic gas market development. Gas share in the country's energy balance is planned to be increased from less than 1% to 25% by 2025. Gas trunk lines, low-pressure gas distribution networks and gas-driven power plants are expected to be built for the aforementioned purpose. The Israeli Government showed interest in Gazprom's involvement in implementing these projects and, particularly, in designing and constructing gas grids.

While meeting Alexey Miller, Prime Minister Ariel Sharon emphasized Israel's considerable interest in Russian gas deliveries based on long-term contracts. The parties reached an agreement to set up a joint Israeli-Russian Working Group responsible for scrupulous drafting of this project. Transiting gas via Turkey through the Blue Stream gas pipeline and laying a new gas pipeline under the Mediterranean Sea were considered as the most promising way of providing Israel with Russian gas. Other options of effecting Russian liquefied and compressed gas deliveries from the Russian or Turkish coast will be examined, as well.

In addition, the parties achieved an accord to shortly sign a Memorandum covering all the above-mentioned matters and outlining key tasks to be fulfilled at this stage of cooperation between Israel and Gazprom in the gas business.

Reference:

Oil, coal and natural gas share in Israel's fuel and energy balance account for 67%, 30% and less than 1%, respectively. There are no significant hydrocarbon reserves in Israel. The country's proved natural gas reserves are estimated at 45 bcm and domestic gas production averages 100 million cubic meters.

Israel's natural gas needs are expected to grow, primarily, based on the power sector development prospects. According to the Natural Infrastructures Ministry's data, the country's natural gas consumption will amount to about 11.5 bcm by 2025.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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