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17 Generic Berthiaume Natural Gas

17 Generic Berthiaume Natural Gas

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Both sides want a natural gas deal
The New York Times
, ERIN E. ARVEDLUND, June 11, 2004, “U.S. Seeks Pacts With Russia To Raise
Natural Gas Exports”,
http://query.nytimes.com/gst/fullpage.html?res=9C07E2DF1530F932A25755C0A9629C8B63, Accessed July
15, 2008 CM

In an effort to increase natural gas supplies to the United States, American officials are pursuing long-term export agreements
with Russia.

At the same time, the natural gas monopoly Gazprom, the main player in Russia, is grappling with complaints from minority
shareholders that its business and profits are not transparent enough.

United States Deputy Energy Secretary Kyle E. McSlarrow met this week with executives from Gazprom, the oil producer
Yukos and Transneft, the oil pipeline monopoly, 10 days after Energy Secretary Spencer Abraham met with Kremlin officials
and Russian companies. Their hope is to increase Russia's energy exports to the United States and accelerate Gazprom's
projects to liquefy gas in the Arctic.

The United States is so serious about pursuing natural gas deals with Russia that the United States Export-Import Bank may
help finance a $15 billion project to develop Russia's giant Shtokman field.

''The subject of investment has been discussed, including in the context of proposals which U.S. ExImbank may put forward,''
Russia's deputy industry and energy minister, Ivan Materov, said. Mr. Materov also said that Russia was interested in large
American energy companies participating in the project.

His American counterpart, Mr. McSlarrow, said that liquefied natural gas, or L.N.G., projects have emerged as a way to stave
off an anticipated shortfall in North American natural gas supply.

''Under everybody's scenario, L.N.G. imports will have to increase,'' Mr. McSlarrow said at a news conference this week. ''I
think Russia realizes that it ought to be a major player when it comes to L.N.G.''

The Shtokman deposit, on the shelf of the Barents Sea north of the Arctic Circle, has estimated reserves of 3.2 trillion cubic
meters of gas and 31 million tons of gas condensate. The license to develop it belongs to Gazprom and a subsidiary of
government-owned oil company, Rosneft.

Gazprom wants to sign a deal to develop Shtokman and build a liquefied gas plant, and potential partners mentioned include
Norsk Hydro, ConocoPhillips, ChevronTexaco, ExxonMobil and Shell.

''All the U.S. companies would like to do business with Gazprom,'' said an American official, who spoke on condition of


DDI 2008

Natural Gas Generic

Natural GasGe

Maggie & Co.

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