Friday, July 13, 2007

Shtokman field development first phase estimated at $15 bln

Gazprom CEO Alexei Miller said earlier that the first stage of the project aims to produce 23.7 billion cubic meters of natural gas annually by 2013, and to start production and delivery of liquefied natural gas in 2014.

He said a new operating company - a special purpose vehicle (SPV) - would be set up to organize project funding, design, and construction. Gazprom will hold 75% in the SPV, while Total will receive the remaining 25%. Gazprom could reduce its stake in the future, offering other foreign partners an aggregate interest of 24%, ensuring that Gazprom retains at least 51%.

From: RIA Novosti