Today at Gazprom Headquarters Alexey Miller, Chairman of the Gazprom Management Committee and Helge Lund, President and CEO of StatoilHydro have signed today a Framework Agreement on the Main Conditions of cooperation at Phase 1 of Shtokman gas condensate field development.

In accordance with the Agreement, StatoilHydro receives a 24 per cent stake in the authorized capital of the special-purpose company established for designing, financing, constructing and operating the facilities provided for at Phase 1 of Shtokman field development.

“The Agreement signed today opens a new page in cooperation with an integrated StatoilHydro company. We have giant gas reserves at the Barents Sea shelf, while our partners from Norway have a good experience in the sector of gas production and transmission in the severe environment of the Arctic. Our joint efforts will be the keystone of successful operation in the Arctic region,” said Alexey Miller.

“We seek cooperation with Gazprom and Total to execute this cutting-edge project using our technologies, experience and competence in the field of major offshore projects development. We believe that Shtokman project may impact the development and adaptation of technologies allowing effective and environmentally safe operation in the cold and severe climate conditions,” said Helge Lund.