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Medvedev warns of Shtokman changes
Posted 26.06.2012 08:43:27 av John Bradbury
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Members of the group leading the development of Russia's Barents Sea Shtokman field will change according a media report.

According to Alexander Medvedev, deputy chairman of Gazprom, the composition of the Shtokman consortium will definitely change, Russia-media.ru reported, citing Russia's Vedomosti newspaper as its source.

Shell has been touted as a possible new partner, while Total and Statoil have so far failed to agree with Gazprom on a way forward for the gas project, amid concerns about the profitability of the field with an LNG development, and calls for tax concessions to make it more viable.

During an economic summit in St Petersburg on Friday last week, Gazprom`s head Alexei Miller met with Total's chief executive Christophe de Margerie and Statoil chief Helge Lund to discuss the future of the Shtokman project.

“The initial configuration has failed. It is a fact that it will be replaced -. that [is] a hundred percent sure,” Medvedev was quoted as saying, providing a clear condemnation of the lack of progress by  the Shtokman partnership so far.

Currently Gazprom owns 51% of the Shtokman field development, Total 25% and Statoil 24%.

Negotiations on the future of the project are underway and composition of a new consortium is being discussed.

Medvedev has indicated that he wants to present a way forward for the project to the Russian Kremlin and the President Vladimir Putin by the time the existing shareholders agreement for the development expires on 1 July.

According to Vedomosti, Medvedev confirmed only that Gazprom will remain a participant in the project. “Options without our involvement does [do] not exist,”stressed the Gazprom deputy chairman.
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