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Gazprom & Shell Develop Cooperation in Russian

Source: www.gulfoilandgas.com 6/21/2012, Location: Asia

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Peter Voser, Chief Executive Officer of Royal Dutch Shell took place as part of St. Petersburg International Economic Forum 2012.

The meeting participants discussed the prospects for the cooperation development within the Protocol on Global Strategic Cooperation.

The parties appreciated the joint actions of the companies taken within the Sakhalin II project and paid attention to the cooperation development in hydrocarbons exploration, production, processing and distribution in the Russian and international oil and gas markets.

Shell is a British-Dutch petroleum company focused on hydrocarbons production, processing and marketing in over 90 countries of the world.

On April 18, 2007 Gazprom and the shareholders of Sakhalin Energy (Royal Dutch Shell, Mitsui & Co., and Mitsubishi Corporation), the Sakhalin II project operator, signed the Purchase and Sale Agreement providing for Gazprom to acquire a stake of 50 per cent plus one share in Sakhalin Energy.

As part of the project, Russia's first LNG plant was commissioned in early 2009 and Russian LNG supplies to foreign consumers started. In 2010 the plant reached the design capacity of 9.6 million tons per annum.

On November 30, 2010 Gazprom and Shell signed the Protocol on Global Strategic Cooperation providing opportunities for wider interaction of the companies in hydrocarbons exploration, production, processing and distribution in Russian and international energy markets.

On June 16, 2011 Gazprom Neft and Shell signed the Basic Terms and Conditions of the Agreement stipulating the study of possible ways to create a joint venture for joint projects delivery in Western Siberia, other Russian regions and in third countries.

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