Today the Gazprom Headquarters has hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Jurgen Hambrecht, Chairman of the Board of Executive Directors of BASF AG.

Within the meeting the parties signed a certificate to close the Share Swap Deal between Gazprom and BASF AG in the gas production and marketing sector.

“Said deal is an example of joint project execution for the whole Europe,” underscored Jurgen Hambrecht.

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BASF AG is a leading gas and oil chemical corporation in the world, running business in the chemicals, synthetic materials, plant protection goods as well as hydrocarbon production and transportation.

In 2007 Gazprom and BASF AG signed an Agreement on Share Swap. According to the Agreement, Gazprom will increase its stake in the authorized capital of Wingas GmbH up to 50 per cent minus one share as well as purchases a 49 per cent stake in the authorized capital of Wintershall AG.

In its turn, BASF AG acquired a 25 per cent stake minus one voting share and one share without voting rights, which is an equivalent of a 10 per cent stake in the project’s economy.

Wintershall AG, a Wintershall Holding AG 100 per cent subsidiary, holds licenses to develop and produce hydrocarbons in the frames of the concessional agreements in Libya.

Wingas GmbH was established in 1993. The company mainly is involved in gas transportation, gas storage, trading in Germany and other European countries. Wingas owns a gas main network with the total length of 2 thousand km. Additionally, the company utilizes the largest UGS in Western Europe called Rehden (Germany) and holds a stake in the Haidach UGS (Austria). In 2006 Wingas’s gas marketing reached the record level of 23.2 bcm of gas.

Severneftegazprom, Gazprom’s 100 per cent subsidiary, is the license owner for hydrocarbon exploration, development and production of the Yuzhno-Russkoye gas condensate field.

The Yuzhno-Russkoye gas condensate field is located in the Krasnoselkupsky region of the Yamal-Nenets Autonomous Okrug.

The Yuzhno-Russkoye gas condensate field reserves are as follows: 825.2 bcm of gas ABC1 category, 208.9 bcm of gas C2 category, 5.7 mln tons of oil .

Geological survey at the field continues. Work is underway to increase the number of existing wells and to develop infrastructure. The field start-up facility was brought online in October 2007.

In the 4Q of 2007 it is planned to produce 1.4 bcm of gas at the field. The field will reach a 25 bcm designed capacity in 2009.