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Phase 1 facilities of the Shtokman project could reach up to 400 billion U.S. dollars of socio economic benefits

The annual International Forum “Gas of Russia – 2011” was held on November 15 in Gazprom Headquarters. The goal of the Forum was to discuss the issues related to the current status of innovation development and international cooperation in the gas sector. Alexey Zagorovskiy, CEO of “Shtokman Development AG” (SDAG), spoke about the current status and prospects of integrated development of the Shtokman Gas-Condensate Field.

He said that SDAG currently is focused on creation of the necessary conditions for Shareholders to make the final investment decision in December 2011. This will allow supplying the first gas in 2016 and first LNG in 2017.

All main technical solutions have been made, the technical Project feasibility has been confirmed by the markets, and the major tenders are about to be closed. The Company is preparing for the construction stage. A significant progress has been reached to insure special tax breaks for Shtokman Project. It is now understood in Russia, that a big-scale complex project like Shtokman needs the state support at all levels.

Alexey Zagorovskiy emphasized that one of the most important goals of the Shtokman project is to attract as many Russian contractors as possible to build production and infrastructure facilities. Cooperation with the world leading oil and gas corporations will let Russian companies gain new experience in engineering and design, manufacturing equipment and tools for development of oil and gas fields in the Arctic shelf.

“Shtokman is one of the most ambitious gas projects in Russia. According to our preliminary estimates the overall socio-economic effect on Russia’s GDP during the construction and operation of Phase 1 facilities of the Shtokman project could reach up to 400 billion U.S. dollars “, – stated Alexey Zagorovskiy.

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