Gazprom plans to conclude agreement with SOCAR on gas purchase from Shah Deniz - UPDATED

27.06.09

09:30

Gazprom hopes it will reach agreement with Azerbaijan next week, Gazprom Director Aleksey Miller said at annual meeting of shareholders on June 26, Interfax reported. 

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26.06.09

18:00

Next week, Gazprom plans to conclude an agreement with the State Oil Company of Azerbaijan (SOCAR) on gas supplies from Shah Deniz, Deputy Chairman of the Board of Directors of Gazprom, Alexey Miller, said to press conference on June 26, RIA Novosti reported.

"The agreement, which can be signed, will firstly deal with the Shah-Deniz gas," he said.

"Gazprom could buy Azerbaijani gas since 2010. Initially it will be small volumes, but further purchases can increase," he said.

The contract can be signed based on the exchange operations. Miller explained that currently Gazprom supplies Russian gas to the south of Russia, RBK reported. If a contract is signed with Azerbaijan, the gas can be replaced with the Azerbaijani gas. This will reduce transportation costs.

Miller said that Gazprom plans to build relationships with Azerbaijan on the medium and long-term perspective.

/Trend Capital/