The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Peter Voser, Chief Executive Officer of Royal Dutch Shell plc.

The parties addressed the development prospects for the long-term partnership within the Protocol on Strategic Global Cooperation. In particular, they discussed implementation of the Basic Terms and Conditions of the Agreement signed by Gazprom neft and Shell.

The meeting participants considered the issues relevant to creating a joint venture (JV) to deliver projects in Western Siberia, other Russian regions and in third countries.

In addition, Alexey Miller and Peter Voser paid attention to expanding the interaction between Gazprom and Shell in geological exploration, production, processing and distribution of hydrocarbons in the Russian and international oil and gas markets.

Background

Shell is a British-Dutch petroleum company focused on hydrocarbons production, processing and marketing in over 90 countries of the world.

On April 18, 2007 Gazprom and the shareholders of Sakhalin Energy (Royal Dutch Shell plc, Mitsui & Co. Ltd, and Mitsubishi Corporation), the Sakhalin II project operator, signed the Purchase and Sale Agreement under which Gazprom acquired a stake of 50 per cent plus one share in Sakhalin Energy.

As part of the project, Russia's first LNG plant was commissioned in early 2009 paving the way for Russian LNG exports to foreign consumers. In 2010 the plant reached the design capacity of 9.6 million tons per annum.

On November 30, 2010 Gazprom and Shell signed the Protocol on Global Strategic Cooperation providing for a wider interaction of the companies in hydrocarbons exploration, production, processing and distribution in Russian and international energy markets.

As a part of the Basic Terms and Conditions of the Agreement singed by Gazprom neft and Shell on June 16, 2011, the parties will consider possible creation of a joint venture to deliver joint projects in Western Siberia, other Russian regions and in third countries.

Gazprom neft is a wholly-owned subsidiary of Gazprom. Its major activities include exploration, development, production and marketing of oil and gas as well as production and sale of petroleum products.