GAZPROM AND PETROCANADA TO SIGN AGREEMENT ON LIQUEFIED GAS

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St. PETERSGURG, October 8 (RIA Novosti) - Gazprom and PetroCanada intend to sign an agreement on developing the feasibility study for the construction of a liquefied gas plant in Ust-Lug, Leningrad region.

Gazprom head Alexei Miller said this to reporters on Friday after meeting the Leningrad region governor, Valery Serdyukov.

"During the Canadian prime minister's visit, documents will be signed with PetroCanada for developing the feasibility study of this project," said Miller.

In his words, this project is oriented at the North American market. Gazprom is seriously considering breaking into the US and Canadian markets with Russian liquefied natural gas," stressed Miller.

He remarked that the realisation of liquefied natural gas supplies to the North American market required a long-term contract on its purchase by ultimate consumers.

"Today we have a good idea of the problematic chains between the extraction and the ultimate consumer on the US market," said Miller.

He added, "we intend to settle this issue with our Canadian colleagues" within the agreement to be signed next week.

Miller recalled that Canada is a gas extracting country and exports over 100 billion cubic metres of gas to the US annually. "If we are talking about co-operation with the Canadian company, then at issue are gas supplies to the US market to a large extent," he stressed.

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