A working meeting between Alexey Miller, Chairman of Gazprom’s Management Committee and Jurgen Hambrecht, Chairman of the Board of Executive Directors of BASF AG has been held today at Gazprom’s Headquarters.

Held within the framework of regular consultations between the two companies, the meeting addressed matters relative to the implementation of joint gas extraction & transmission projects.

Reference:

BASF AG is the world’s leading chemical corporation running its business in the chemicals, synthetic materials, plant protection goods as well as oil and natural gas sectors.

On November 30, 2005, a North European Gas Pipeline Company joint venture has been incorporated in the canton of Zug (Switzerland), with Gazprom, BASF AG, and E.ON AG taking 51%, 24.5% and 24.5% of shares, respectively. North European Gas Pipeline Company will be responsible for implementing all of the project stages embracing a feasibility study and offshore section construction & operation.

The North European Gas Pipeline (NEGP) is a fundamentally new route for Russian gas exports to Europe, with Germany, the Great Britain, the Netherlands, France and Denmark being its target markets. NEGP will be fed from the United Gas Transmission System of Russia. In order to link NEGP with UGTS, a 917-km-long Gryazovets-Vyborg gas pipeline will be built through the Vologda and Leningrad regions. To be built in the Portovaya Bay (near the town of Vyborg, Leningrad region), an onshore compressor station will be a starting point for NEGP’s offshore section (1,198 km) that will run under the Baltic Sea to Greifswald on the German coast.