Russia: Shtokman Project Preparation Phase Enters Final Stage

The regular meeting of the Board of Directors of the Shtokman Development AG (SDAG) was held in Lucerne (Switzerland) on June 23, 2011. The Board of Directors made note of the good progress in activities on offshore and onshore facilities in preparation for the Final Investment Decision planned by the end of 2011.

The Board of Directors has confirmed the necessity to continue the dialogue with the Russian Federation state authorities at all levels so as to obtain a favorable economic environment for the Project, including taxation issues, and expressed support to the efforts made by shareholders and SDAG in this field. State support of the Project is one of the prerequisites for its successful implementation.

“Today we can state that the Project preparation phase is at the final stage. The Shareholders appraised past year activity of SDAG, and are confident that the Company is capable of achieving its objectives remaining prior to the adoption of the final investment decision”, – underlined Alexei Miller, President of the SDAG Board of Directors, Chairman of the Management Committee of Gazprom.

Source: Shtokman, June 24, 2011;

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