The Gazprom Headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Nguyen Minh Triet, President of the Socialist Republic of Vietnam.

The parties discussed the main issues of further Russian – Vietnamese cooperation deepening in the oil and gas sector. In particular, the meeting highly evaluated the significance of the Oil and Gas contract previously signed by Gazprom and Petrovietnam for four new blocks offshore Vietnam and expressed their confidence that further interaction between the companies would enable to achieve great results.

The parties also addressed the implementation of joint petroleum projects in Russia and third countries within the activities of a joint venture being set up by Gazprom and Petrovietnam – Gazpromviet.

Background:

At present, Vietgazprom, the Joint Operating Company of Gazprom and Petrovietnam Vietnam National Oil and Gas Group is carrying out geological exploration in Block 112 offshore the Socialist Republic of Vietnam pursuant to the Contract signed on September 11, 2000. The Contract contemplates searching for, exploring, producing and marketing hydrocarbons.

In August 2007 a commercial gas inflow was reported during the first exploratory well testing in Bao Wang as part of the prospecting activities in Block 112 offshore Vietnam in the Gulf of Bac Bo performed by Vietgazprom. Gas condensate was also found in the new field.

On November 20, 2006 Gazprom and Petrovietnam signed the Agreement of Cooperation stipulating cooperation between the companies in the following areas:

·  Natural gas, oil and other energy exploration, production, transportation, utilization and marketing;

·  Oil & gas pipeline, storage facility, as well as distribution pipeline network engineering, construction, operation and maintenance;

·  Oil & gas pipeline as well as other gas and petrochemical infrastructure inspection and monitoring;

·  Oil and gas powered vehicles, gas distribution and filling network development and management;

·  Oil, gas and other hydrocarbon processing;

·  Oil & gas derivative as well as oil & gas industry equipment supplies.

The Agreement also contemplates cooperation between the companies in promising projects in third countries, including when exploring and developing gas and oil fields.

On May 23, 2008 Gazprom and Petrovietnam inked the Agreement for Further Cooperation. The Agreement provides for geological exploration and further development of four new blocks offshore Vietnam, as well as setting up a joint venture, Gazpromviet, for operations in Russia and third countries.

On October 27, 2008 Gazprom and Petrovietnam Vietnam National Oil and Gas Group signed the 30-year Oil and Gas Contract for Blocks 129, 130, 131, 132 located in the continental shelf of the Republic of Vietnam. The parties also signed the Primary Provisions for setting up a joint venture, Gazpromviet. In this joint venture, as well as in Vietgazprom Joint Operating Company Gazprom will be represented through Gazprom zarubezhneftegaz.