GAZPROM AND FINNISH GASUM PROLONG GAS SUPPLY CONTRACT TILL 2025

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HELSINKI, September 24 (RIA Novosti) -CEO Alexei Miller of Gazprom and Antero Jannes of Finland's Gasum have inked the memorandum on further cooperation, intending prolongation of the contract on Russian gas supplies to Finland until December 31, 2025.

"The volume and terms of supplies will be considered later", Gazprom chief Alexei Miller told journalists. And noted that his company fully covers Finland's demand for gas.

Last year Finland's gas consumption was 5.1 billion cubic metres, or half a million more than in 2002, Miller said.

As regards big gas projects in the north of Europe, he said that one of them is the North-European gas pipeline, planned to take four years.

As to the Shtokman field development, in which Gazprom is a participant, "it is to be developed with account for liquefied natural gas production and shipments to the North American market", Miller said. Shipment will begin in 2010.

The heads of the biggest American and Canadian companies have voiced interest in the project, Miller noted.

The Shtokman field provides a good opportunity for the shipment of gas to the American market thanks to its geographic advantage. Now, gas arrives to the European market from the Yamal-Nenets Autonomous Region, totalling a little over 130 billion cubic metres annually.

Miller also said that last year Gazprom produced 540.2 billion cubic metres, planning 542 billion for this year.

The first contract to supply up to 1.4 billion cubic metres of natural gas supply from the former USSR to Finland was concluded back in 1971. Supplies began in 1974. Over 30 years Finland has got over 75 billion cubic metres of Russian natural gas.

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