Gazprom and NOVATEK Have Extended The Memorandum of Cooperation

Gazprom and NOVATEK have extended the Memorandum of Cooperation signed this April until February 1st 2013. According to the document, Gazprom and NOVATEK address possible establishment of joint ventures to build up integrated capacities on liquefied natural gas production on the Yamal Peninsula and joint development of the available resource base on the Gydan Peninsula.

For the purpose of increasing LNG production on the Yamal Peninsula the Parties are considering possibilities for setting up a joint venture based on the resources of the Tambey group of fields owned by Gazprom, with stakes to be provisionally distributed among the participants in the following way: Gazprom 75%, NOVATEK 25%. Gazprom and NOVATEK will seek to develop and approve an integral development program for the fields they own on the Gydan Peninsula.

Mr Alexey Miller said that “In the nearest future Gazprom and NOVATEK will make a further step towards setting up a joint venture on LNG production in Yamal. The relevant documents will be