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GAZPROM INKS GAS DEAL WITH LUKOIL
Info-Prod Research (Middle East), November, 2003
Gazprom signed an agreement with LUKoil on 22 October to begin buying gas from the oil company in 2005, "Izvestiya" reported on 23 October. Gazprom will buy 750 million cubic meters of gas from LUKoil's Nakhodka field in Siberia in the fourth quarter of 2005, and 8 billion cubic meters in 2006. The agreement's pricing formula provides for a base price of $22.50 per 1,000 cubic meters of gas. With oil companies burning off approximately 40 percent of the gas that comes with the oil they extract, the agreement marks a step toward greater cooperation and reduced waste, Bloomberg reported on 23 October.
LUKoil Vice President Yurii Storozhev told "Nefte Compass" on 22 October that his company is pleased with the pricing formula, which will help to make the Nakhodka profitable...
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