On working meeting between Alexey Miller and Tony Hayward
The Gazprom Headquarters today hosted a regular working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Tony Hayward, Chief Executive Officer of BP Group.
The parties addressed the bilateral cooperation related issues of mutual interest, in particular with regard to new possibilities for interaction in international energy markets.
On June 22, 2007, Gazprom, BP and TNK-BP entered into the Agreement on the major terms. The Agreement contemplates establishing a strategic alliance between the companies for long-term investment in joint energy projects as well as asset swaps both in Russia and in third countries.
Pursuant to the Agreement, TNK-BP will sell to Gazprom a 62.8 per cent stake in RUSIA Petroleum, which holds the license for the Kovykta field as well as a 50 per cent stake in East Siberian Gas Company implementing a regional gasification project for the Irkutsk Oblast. The parties agreed that the transaction amount would be fixed within 90 days according to an actual market value appraisal.
Gazprom and TNK-BP also agreed on a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option could be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.