Gazprom partners to buy Shtokman gas on general terms

Energy Trade

Gazprom’s partners in the Shtokman project, France’s Total and Norway’s StatoilHydro, will not be able to buy gas produced as part of the project on preferential terms, the Russian gas giant’s Deputy Board Chairman Alexander Medvedev told a press conference during the Russian Gas 2007 forum in Moscow today.

Medvedev elaborated that, under the project agreement with its foreign partners, all produced liquefied natural gas (LNG) would belong to Gazprom, and the company pledged to sell it on market terms, without any preferences provided for the gas holding’s partners in the project.

As reported earlier, Gazprom, Total and StatoilHydro are set to create a special-purpose vehicle company to organize design work, financing, construction, and operation of the first phase of the Shtokman project by December 20. Gazprom will hold a 51% stake in the new enterprise, with Total owning 25% and StatoilHydro 24%. (rbcnews)

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