The Gazprom headquarters hosted today a working meeting between Alexander Ananenkov, Deputy Chairman of the Company's Management Committee and Eizo Kobayashi, President of Itochu Corporation.

The parties discussed proposals on speedy restoration of sustainable energy supply of Japan, particularly through developing the Company's swap transactions on natural gas supply to Europe.

The meeting participants gave special consideration to the opportunities for interaction between Gazprom and Itochu Corporation as part of the Eastern Gas Program implementation. The parties also addressed gas processing projects in Russia with the promising one that involves construction of an LNG plant near Vladivostok, natural gas processing and CNG offloading facilities as well as natural gas and its derivatives transportation and their sales among potential consumers in Asia-Pacific countries.

Background

With its scarce domestic energy resources, Japan is the world's fourth largest energy consumer. 100 per cent of consumed gas is imported in the form of LNG, making Japan the world's top LNG importer.

On January 11, 2011 Gazprom and the Agency for Natural Resources and Energy under the Japanese Ministry of Economy, Trade and Industry signed the Agreement of Cooperation envisaging preparation of a joint feasibility study on the options for natural gas utilization near Vladivostok as well as for natural gas and gas chemicals transportation from the Vladivostok region and their sales among potential customers in Asia-Pacific countries.