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Gazprom and Shell sign HoA on Siberian gas

Companies will assess potential joint venture to Siberian projects

Peter Vosner, Shell CEO, at the St Petersburg Economic Forum. GETTY IMAGES
Peter Vosner, Shell CEO, at the St Petersburg Economic Forum. GETTY IMAGES

The Chairman of Gazprom Neft Management Committee Alexander Dyukov and Chief Executive Officer of Royal Dutch Shell plc. Peter Voser have today signed Heads of Agreement between OAO Gazprom Neft and Shell Exploration Company (RF) B.V.

The signing took place at the Saint Petersburg International Economic Forum, reports Oil Voice.

Under the agreement, the two companies will assess the potential of creating a joint venture between Gazprom Neft and Shell to pursue joint projects in Western Siberia and other areas inside and outside of Russia to further develop cooperation between the two companies in upstream and downstream.

'Joint projects with Shell will allow Gazprom Neft to gain experience and access to state-of-the art technologies, as well as the opportunity to work on assets outside of Russia,' commented Dyukov.

'This agreement builds on our successful partnership with Gazprom and will provide a launch pad for new joint projects in Russia and elsewhere,' said Voser.

Shell is pursuing gas projects at an unprecedented rate, and aims to become a majority gas company by 2012.

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