Gazprom’s Headquarters hosted today a working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Mani Shankar Aiyar, India’s Petroleum Minister.

The parties addressed the outlook of Russian-Indian cooperation in various sectors of the oil&gas industry, expressing a common opinion about the need to promote Gazprom’s interaction with the Indian oil and gas firms (GAIL and ONGC) in the exploitation of this country’s oil and gas resources, development of gas transmission infrastructure (including UGS facilities) and implementation of projects on natural gas deliveries to India. In particular, the meeting debated matters related to the implementation of the Production Sharing Agreement on Block 26 of India’s Bengal Bay onshore.

Alexey Miller pointed out that corporate activities on the Indinian shelf were in line with Gazprom’s strategy aimed at the Company’s business globalization. “Globalization implies counting on the full-cycle production and sales chain on more than one continent. We’re so far involved in the implementation of a string of hydrocarbon field development projects abroad. And India is playing an important role in this direction. We’re set to expand our activities in said region,” – stressed A. Miller.

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India’s proved natural gas reserves amount to 850 bcm, with natural gas share in the country’s energy balance accounting for 7%. India annually extracts up to 30 bcm of gas fully supplied to domestic consumers. Natural gas demand is forecasted to jump to 37 bcm in 2005 and 43 bcm in 2006.

India’s Petroleum Ministry coordinates oil and natural gas production, refined product and gas processing and distribution, oil and refined product exports and imports. The state-run companies Oil and Natural Gas Corporation Ltd and Oil India Ltd deal with oil&gas geologic exploration and production. Gas Authority of India Limited (GAIL) is the leading gas distribution firm exercising control over 95% of said sector infrastructure.

DIVISION OF RELATIONS WITH MASS MEDIA