Gazprom and GNKAR agree on Azerbaijani gas sale, Gazprom

Release Date: 2009-06-29

During the working visit of President Dmitry Medvedev to the Republic of Azerbaijan, Alexey Miller, Chairman of the Board of Gazprom, took part in an extended meeting with Ilkham Aliev, President of Azerbaijan.

The Parties regarded the issues of cooperation of Gazprom and Azerbaijan National Oil Company (GNKAR) in selling and buying Azerbaijani gas and emphasized that the development of interaction between the two companies in the power sector corresponds to the strategic interests of Russia and Azerbaijan.

As a result of the meeting, Gazprom and GNKAR signed the legally binding Agreement on Main Conditions of Buy and Sell of Azerbaijani Natural Gas.

As Alexey Miller noted after signing the Agreement, “thanks to the available gas transport infrastructure between Russia and Azerbaijan without transit countries and the largest contract portfolio for domestic and export gas supplies in the world, Gazprom can offer the most competitive conditions of Azerbaijani gas supplies. Initial volume of gas deliveries will be 500 mln cu. m, to be gradually increased”.

Type:	NORMAL
Company:	Gazprom
Country:	Russian Federation