On-line supplement
to the Maritime Market magazine

Gazprom and Gas Natural sign Memorandum of Understanding

March 3 2009 - OAO Gazprom Management Committee Chairman Alexey Miller and the Chairman of Gas Natural Salvador Gabarrу signed a Memorandum of Understanding today in Madrid as part of a state visit of Russian President Dmitry Medvedev to Spain.

The memorandum foresees cooperation between the companies in medium- and long-term trade in natural gas, including liquefied natural gas, CO2 emission quotas, as well as cooperation in electric power production and the development of other lines of business.

Background:

Spain does not have significant reserves of natural gas and is almost fully dependent on imported gas, of which 36% is supplied by pipeline and 64% in liquefied form.

Spain is currently one of the fastest-growing markets of Western Europe, its consumption of natural gas having risen from 8.3 bcm in 1995 to 35.1 bcm in 2007.

Gas accounts for 29% of Spain's primary energy resource consumption.

Gas Natural Company supplies, transports and distributes natural gas and produces electric power in Spain and abroad.

The main shareholders in the company are la Caixa Investment Financial Group, which owns 37.5%; Repsol YPF, 31% and GDF Suez, 9%.

Please see Gazprom company electronic office

Information Directorate, PAO Gazprom
+7 495 719-10-77
pr@gazprom.ru

Company press releases

• Gazprom to take part in building Northern Latitudinal Railway
• Gazprom and National Iranian Oil Company ink Memorandum of Understanding
• Construction contract signed for second string of TurkStream’s offshore section
• New production capacities at Bovanenkovskoye field and Bovanenkovo – Ukhta 2 gas pipeline enter operation
• Gazprom expanding cooperation with Japanese partners