Gazprom’s Headquarters has hosted today a working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Helge Lund, Statoil’s President & CEO.

Helge Lund informed Alexey Miller of the progress in Statoil-operated projects on the Norwegian continental shelf. The parties addressed the outlook for cooperation between the firms when developing the Arctic offshore, pointing to new opportunities for interaction in the light of the Gazprom oil business development.

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A 76.3% state-owned top-down and multi-profile petroleum firm, Statoil is running business through 29 locations worldwide. The company counts on vast experience of operations in the Norwegian offshore and is the world’s third crude oil seller. Statoil is a major natural gas supplier to Europe.

Statoil is serving as operator of the Cove Point regasification terminal (2.4 bcm per annum), which is one of the existing four regasification terminals in the USA. The terminal is located in Maryland, US West Coast, between Washington DC and New York City. Said area is being regarded upon as the most promising US gas market. Statoil has entered into an agreement to modernize the terminal with the view of boosting its throughput. Upon upgrading completion due 2008, Statoil will exercise control over the 10 bcm/y regasification, storage and transmission Cove Point terminal.

On 20 June 2005 Gazprom, Statoil and Hydro signed in Moscow a Memorandum of understanding. The Memorandum stipulates joint endeavors to discover hydrocarbon prospects in the Arctic, develop technologies for the Arctic offshore operation, look into oil & gas extraction impacts on the regional socioeconomic development and environment, exchange workforce, train specialists and develop internship programs.