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ENERGY - LUKOIL TO SELL GAS TO GAZPROM
Info-Prod Research (Middle East), April, 2003
LUKoil President Vagit Alekperov and Gazprom CEO Aleksei Millersigned an agreement on 31 March under which LUKoil will sell Gazpromgas from fields in the Yamal-Nenets Autonomous Okrug, the twocompanies announced in a press release the same day. Under the"take-or-pay" agreement, Gazprom will be obligated to purchaseLUKoil's gas, while the latter will be obligated to paycompensation if it fails to come up with the gas, "Vedomosti"reported on 1 April.
Shipments will begin in the fourth quarter of2005 and will require a $400 million investment, including a new $140million pipeline, to get started, "Vremya MN" reported on 1 April. AGazprom representative told the newspaper that the two companies areset to seal a 10-year contract within the next two months; Gazpromwill receive 8...
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