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Gazprom and Shell Agree to Pursue Broader Cooperation

Source: www.gulfoilandgas.com 11/30/2010, Location: Asia

Alexey Miller, Chairman of the Gazprom Management Committee, and Peter Voser, Chief Executive Officer of Royal Dutch Shell plc, signed a protocol on strategic global cooperation. This agreement establishes basic guidelines for the companies’ broader collaboration.

Amongst the opportunities the companies will consider are:

* Further development of bilateral cooperation in exploration and production of hydrocarbons in western Siberia and the far east of Russia
* Cooperation in the downstream oil products business in Russia and Europe, as well as Gazprom participation in Shell upstream projects outside of Russia.

“This agreement is a vivid example of the mutually beneficial development of strategic partnership between the world’s largest energy companies. Ahead of us, we have new large-scale projects and growing joint presence in new markets”, said Alexey Miller.

“This underscores the strong partnership our companies have built in recent years,” said Mr. Voser. “Russia is an important area for new energy development for Shell and I expect it will play a big role in meeting the world’s growing demand for oil and gas in the years ahead.”

Shell and Gazprom will set up joint working groups to further develop these opportunities.

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