As per the agreement, Gazprom holds a 51% stake in Shtokman Development while Total holds 25% and StatoilHydro has a 24% stake.
Shtokman Development will be organizing the project engineering, development, construction, financing and exploitation of first-phase facilities related to the development of the Shtokman field in Russia.
The partners also indicated that front-end engineering design on the project has commenced, and will be finished in the second half of 2009 allowing a final investment decision to be made.
Alexei Miller, Gazprom’s chairman, said: This strategic partnership of our companies brings together long experience, vast resources and advanced technologies which are fundamental to the success of this unique project, which will guarantee reliable and long-term gas supplies for European consumers.
