Gazprom, Rabaska Reach Agreement

Gazprom Marketing and Trading USA and the Rabaska partners, Gaz Metro, Enbridge and Gaz de France have announced that they have signed a Letter of Intent outlining the major terms under which GMTUSA will become an equity partner in the proposed Rabaska liquefied natural gas regasification project and contract for 100 percent of the import terminal's capacity.

The parties expect to execute definitive agreements before the end of this year.

Using the Rabaska terminal, GMTUSA, a wholly owned subsidiary of OAO Gazprom, expects to import Russian LNG supplied from the Shtokman liquefaction project currently under development by OAO Gazprom, which anticipates initial production of LNG from Shtokman in 2014.