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Gazprom and Shell To Expand Cooperation – Medvedev

MOSCOW -(Dow Jones)- Russia’s state-run gas firm OAO Gazprom (GAZP.RS) and Royal Dutch Shell PLC(RDSA.LN) are to sign a memorandum on the expansion of their cooperation in and outside Russia, Gazprom Deputy Chief Executive Alexander Medvedev said Monday.

Gazprom’s cooperation with Shell could expand in Sakhalin, Medvedev said, without giving any more details on the memorandum.

“We are happy to invite foreign partners to develop our upstream reserves, but only if in exchange we get the access to their first class projects somewhere in the world,” Medvedev said. “We do know Shell has good assets, which could be of interest for us.”

Gazprom and Shell jointly operate the Sakhalin-2 project on Russia’s Pacific Coast and launched Russia’s first liquefied natural gas plant in February last year. The companies cooperate through the Sakhalin joint venture, in which Gazprom holds a 51% stake, Shell a 27.5% stake, Mitsui & Co. Ltd. (8031.TO) 12.5% and Mitsubishi Corp. (8058.TO) 10%.

-By Nadia Popova, Dow Jones Newswires; +7 495 232-9192, [email protected]

(END) Dow Jones Newswires

November 29, 2010 11:56 ET (16:56 GMT)

Copyright (c) 2010 Dow Jones & Company, Inc.


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