Hydro awaits information from Gazprom on Shtokman

October 9, 2006, 20:00 CEST

The reported decision from Gazprom to be the sole developer of the Shtokman gas field has not been communicated to Hydro, and Hydro therefore could not comment on the implications of the reports on Monday.

A TV interview with Gazprom's President and CEO, Alexei Miller, followed by a news release on Gazprom's web pages, sparked inquiries from analysts and journalists Monday afternoon. Miller stated that no foreign companies would have an ownership stake in the project.

"Hydro has a lot to offer in terms of technology, competence and project execution. We have a long-term commitment to developing business opportunities in Russia," commented Hydro’s Chief Communication Officer, Cecilie Ditlev-Simonsen.

"Until we have received information from Gazprom, it is too early to say what the news reports may entail."