Today the Gazprom Headquarters has hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Viktor Vekselberg, Executive Director for Gas Development of TNK-BP Management.

The parties discussed the progress with the deal preparation for Gazprom purchase of a 62.8 per cent stake in Rusia Petroleum from TNK-BP and a 50 per cent stake in East Siberian Gas Company.

The meeting resulted in a joint decision to prolong the deal completion timing till December 1, 2007 in view of a big scope of work embracing asset evaluation and deal arrangements.

Reference:

On June 22, 2007 Gazprom, BP and TNK-BP signed the Agreement on the major terms. The Agreement contemplates establishing a strategic alliance between the companies for long-term investment in joint energy projects as well as asset swaps both in Russia and third countries.

Pursuant to the Agreement, TNK-BP will sell Gazprom a 62.8 per cent stake in Rusia Petroleum, which is the license holder for the Kovykta field, as well as a 50 per cent stake in East Siberian Gas Company, which is implementing a regional gasification project for the Irkutsk Oblast. The deal value will be fixed at a current market price within a 90 day period.

Gazprom and TNK-BP also agreed on a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option could be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.