A working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Eivind Reiten, President and CEO of the Norwegian based company Hydro, was held today at Gazprom’s Headquarters.

As Alexey Miller pointed out, Hydro could become one of Gazprom’s key partners in implementing the Shtokmanovskoye field development Project, given the company’s unique technological solutions and practical experience in transmitting and producing gas from offshore fields.

Eivind Reiten presented Hydro’s cost reduction proposals for an initial stage of similar projects implementation.

The parties reached an accord to set up a working group responsible for detailing Hydro’s potential involvement in implementing the Shtokmanovskoye field development Project.

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The Norwegian based company Hydro is one of the major players on the global energy market, producing a considerable amount of oil, gas and power. The company’s main production facilities are located on the Norwegian continental shelf but hydrocarbon production is also carried out in Canada, Russia, Mexican Gulf, Iran and Angola. Hydro’s 2003 turnover, profits before taxation and net profits equated to USD 23.7 billion, USD 6 billion and USD 1.47 billion, respectively. In 2003, Hydro extracted roughly 8 bcm of gas.

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