In the course of the visit to Brazil, Alexey Miller, Gazprom’s Management Committee Chairman met Dilma Rousseff, Brazil's Mines and Energy Minister and Chairman of Petrobras’ Board of Directors.

The meeting addressed a wide spectrum of potential joint businesses, reaching an accord to hold at the start of 2005 a joint seminar to be focused on the cooperation outlook analysis. In particular, the seminar will look into the development of gas transmission networks and geological prospecting as well as use of gas as motor fuel.

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Brazil’s proved natural gas reserves account for 450 bcm being the 5th-largest in Latin America after Venezuela, Bolivia, Trinidad & Tobago and Argentina. Brazil’s largest hydrocarbon reserves are located in the Campos and Santos Basins.

At present, Brazil annually consumes some 14 bcm of gas, including 5 bcm imported from Bolivia and 340 mcm, from Argentina.

In June 2003, the Brazilian Government developed a project on the domestic gas transmission infrastructure development. The project aims at delivering gas (imported from abroad, inclusive) to Brazilian southeast and northeast regions.

Liquefaction of natural gas extracted from the Upper Amazon fields and LNG deliveries by river class methane carriers to end-use consumers are looked upon as a promising way of developing the Brazilian gas market.

Brazil's leading state-run oil and gas company is Petrobras possessing state-of-the-art oil and natural gas production technologies.

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