The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Slavenko Terzic, Ambassador Extraordinary and Plenipotentiary of the Republic of Serbia to the Russian Federation.

The meeting participants reviewed the bilateral cooperation in the gas sector, paying special attention to the progress with South Stream. It was pointed out that the project was advancing in strict compliance with the schedule. At present, the bidding procedure for designing, constructing and commissioning the Serbian section is nearing completion. The bidding results will be announced and the relevant agreement will be signed in late June 2014.

It was pointed out that the Banatski Dvor UGS facility, currently operating in Serbia as a part of the South Stream infrastructure, significantly reinforced the energy security in the Republic.

About South Stream

South Stream is Gazprom's global infrastructure project aimed at constructing a gas pipeline with a capacity of 63 billion cubic meters across the Black Sea to Southern and Central Europe for the purpose of diversifying the natural gas export routes and eliminating transit risks. The first gas will be supplied via South Stream in late 2015. The gas pipeline will reach its full capacity in 2018.

South Stream Serbia joint project company (Gazprom and Srbijagas holding 51 and 49 per cent respectively) is implementing the project in Serbia. The South Stream project was awarded the special status by the resolution of the Serbian Parliament.

The Banatski Dvor UGS facility with a working gas capacity of 450 million cubic meters was commissioned in Serbia in 2011. This gas storage is the first facility of South Stream and will be used for ensuring reliable gas supply via this gas pipeline.

In March 2013 the long-term Contract was signed for Russian natural gas supply to Serbia in the amount of up to 1.5 billion cubic meters of gas annually for a period of 10 years. Gas is conveyed via the existing route and subsequently – via the South Stream gas pipeline.

In 2013 Gazprom supplied Serbia with approximately two billion cubic meters of gas.

About Gazprom

Gazprom is a global energy company. Its major business lines are geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel as well as generation and marketing of heat and electric power.

Gazprom views its mission in reliable, efficient and balanced supply of natural gas, other energy resources and their derivatives to consumers.

Gazprom holds the world’s largest natural gas reserves. The Company’s share in the global and Russian gas reserves makes up 18 and 72 per cent respectively. Gazprom accounts for 14 and 74 per cent of the global and Russian gas output accordingly. At present, the Company actively implements large-scale projects aimed at exploiting gas resources of the Yamal Peninsula, Arctic Shelf, Eastern Siberia and the Far East, as well as hydrocarbons exploration and production projects abroad.

Gazprom is a reliable supplier of gas to Russian and foreign consumers. The Company owns the world’s largest gas transmission network – the Unified Gas Supply System of Russia with the total length of over 168 thousand kilometers. Gazprom sells more than half of overall produced gas to Russian consumers and exports gas to more than 30 countries within and beyond the former Soviet Union.