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GAZPROM

October 22, 2004

Results of Alexey Miller and Lord Browne’s working meeting

London hosted today negotiations between Alexey Miller, Gazprom’s Management Committee Chairman and Lord Browne, President of BP Group, held within regularly meetings between heads of the 2 companies. The parties addressed matters of bilateral cooperation on the global energy market.

The meeting deliberated on the outlook of the gas industry development in Eastern Siberia and the Far East, expressing a common opinion that the Kovyktinskoye field must be developed together with other East Siberian and Far Eastern fields, with internal and external marketing matters to be tackled, as well.

At the same time, the parties addressed BP’s potential involvement in the implementation of the North-European Gas Pipeline Project, both as one of the members of a pipeline consortium and with the view of purchasing gas for the British market.

Simultaneously, the meeting discussed the prospect of Gazprom and BP’s cooperation on the liquefied natural gas market in the short (pipeline gas swaps for LNG) and long terms (joint participation in terminal re-gasification and gas marketing in the USA and Great Britain projects).

In the light of the upcoming Rosneft’s takeover by Gazprom, the parties confirmed their readiness to shortly conduct scrupulous discussions about cooperation in Sakhalin projects.

Alexey Miller pointed out that given a respective agreement signed with China National Petroleum Corporation (CNPC), oil and gas projects on the Sakhalin Island were a priority for Gazprom.

Reference:

British Petroleum Group (BP) is currently the world’s second-largest non-governmental oil and gas business as for its market capitalization (USD 182 billion, as of December 2003) and hydrocarbon reserves (over 1.3 billion tons of oil and 1.4 tcm of natural gas). BP’s major business lines are oil and gas exploration and production, wholesale and retail trading in petroleum refined products, gas marketing and gas power generation, petrochemistry. BP is a leader in the global LNG business.

The company has branches in more than 100 countries of the world. BP recovers a total of 4 million barrels of oil equivalent per day and some 85 bcm of gas per annum. In 2003, the company provided its customers with 220 bcm of gas.

BP holds a 50% stake in TNK-BP (Russia) and is a business partner of Rosneft in implementing the Sakhalin-5 Project. BP is one of the largest foreign investors in China.

The initial overall onshore gas reserves of Eastern Siberia and the Far East account for 44.8 tcm (which is some 19% of Russia’s initial total resources), including 32.9 tcm concentrated in Eastern Siberia and 11.9 tcm, in the Far East.

The Kovyktinskoye gas condensate field is located in the Irkutsk region, 450 km north-east off the city of Irkutsk. The field natural gas reserves are valued at 1.9 tcm.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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