Gazprom signs deals with ConocoPhillips and Gaz de France

Dec 23, 2004 01:00 AM

Even as Gazprom faced potential contempt of court hearings in the United States over the auction of Yukos' core production unit, Yuganskneftegaz, it signed off on two agreements with ConocoPhillips and Gaz de France.
US oil major ConocoPhillips will help the gas giant conduct a draft feasibility study for the production of LNG from the huge Arctic Shtokman field, Gazprom said.

Gazprom CEO Alexei Miller and Conoco head James Mulva signed an agreement to study opportunities for Gazprom to participate in regasification plants in the United States.
"The parties will also study the possibility of... swap deals involving pipeline gas in North America and the marketing of gas deliveries," Gazprom said.

Gazprom, the world's largest gas producer, which supplies Europe with a quarter of its gas needs via major pipelines, is keen to supply gas to US markets but as yet has no LNG facility to super-cool its gas for tanker shipment. But it now runs the risk of having its foreign assets seized, especially in the United States, after Yukos claimed in a Houston court filing that Gazprom's participation in the auction of Yugansk was in contempt of an earlier ruling temporarily staying the sale.
Gaz de France, however, pledged to pursue development of a $ 3 bn gas pipeline to boost supplies from Russia to Northern Europe together with Gazprom.

The two firms said the construction of the link between Russia and Germany with a possible extension to Britain would help boost security of supplies to Europe amid growing demand for natural gas.

Source: Bloomberg, MT
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