Gazprom and RusGazDobycha ink Memorandum of Intent to implement projects aimed at advancing petrochemical production

12-May-17

Alexey Miller, Chairman of the Gazprom Management Committee, and Artem Obolensky, Director General of RusGazDobycha (a special-purpose company established by National Chemical Group), have inked a Memorandum of Intent. The document outlines the intentions of the parties to implement projects aimed at advancing petrochemical production on the basis of the Achimov and Valanginian deposits within the Nadym-Pur-Taz region, as well as extracting and processing gas and condensate from the fields within the Tambey cluster (Severo-Tambeyskoye, Zapadno-Tambeyskoye and Tasiyskoye fields owned by Gazprom). Processing will result in the recovery of valuable components from gas, such as ethane, propane, butane, and condensate.

The Memorandum sets forth the terms and conditions for joint efforts during the pre-investment phase of the projects, as well as provides for the exploration of the possibilities for and the economic feasibility of establishing a joint venture for implementing those projects. Specifically, the first phase will involve a comprehensive pre-investment study and feasibility studies for the projects to determine the capacities for and conditions of their implementation.
RusGazDobycha will secure the required financial resources for the projects. The parties also agreed to use the domestic industrial and sci-tech potential to the maximum extent possible.