Gaz de France and Gazprom Extend Their Natural Gas Supply Agreements until 2030

Tuesday, December 19, 2006
 

Alexei Borissovitch Miller, Chairman of Gazprom's Management Committee, and Jean-François Cirelli, Chairman and CEO of Gaz de France, have signed an agreement at Gazprom's corporate headquarters for the renewal of their natural gas supply contracts.

Gaz de France and Gazprom are extending their existing natural gas supply contracts, currently representing a total of approximately 12 billion cubic metres per year, until 2030. From the end of 2010, Gaz de France will receive additional volumes of 2.5 billion cubic metres of natural gas per year, which will be carried though the Nord Stream.

Furthermore, Gazprom intends to supply Russian gas directly to end customers as of July 1, 2007. These volumes could amount to a total of 1.5 billion cubic metres per year.

Both companies have also agreed to increase their ongoing cooperation related to supplying liquefied natural gas (LNG), training and environmental protection.

Jean-François Cirelli, Chairman and CEO of Gaz de France, made the following statement:

“More than thirty years after Gaz de France first purchased Russian natural gas, I am delighted to sign these new agreements with Gazprom, one of Europe's major suppliers of natural gas. They confirm the strength of the long-term partnership between Gazprom and Gaz de France. The extension of our commercial cooperation with Gazprom helps to ensure the long-term reliability of our customers' supply in France and in Europe.”

Alexei Miller, Chairman of Gazprom's Management Committee, also said:

“The contracts we have signed today represent a new step in the development of a long-standing partnership between Russia and France. It is a fine example of the success of Gazprom's strategy which aims to supply downstream customers in Europe and to improve the efficiency of Russian gas exports.”


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This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


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