Gazprom and RUSIA Petroleum to develop cooperation

Gazprom and RUSIA Petroleum have agreed to enhance their activities aimed at implementing the Kovykta project and the program on developing the gas sector in Eastern Siberia. A corresponding agreement was achieved by representatives of the two companies on June 24, 2003, the press service of RUSIA Petroleum reported. Participants of the meeting also considered the project on constructing a backbone gas pipeline to China and South Korea.

As reported earlier, in April 2003 representatives of BP, the major shareholder of RUSIA Petroleum, said that Gazprom's participation was necessary in the Kovykta project. In its turn, Gazprom declared that it would be satisfied with a 25-percent plus one share stake (a blocking stake) in the project.

The Kovykta gas condensate field is in the Irkutsk region. The total amount of investments in the project are estimated at $12bn, including $7bn in laying a pipeline.

© &to=http://www.rbcnews.com' target=_blank>RBC