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Russia's Gazprom, independent gas producer sign cooperation deal

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MOSCOW, June 29 (RIA Novosti) - Gazprom (RTS: GAZP) and Itera, Russia's No. 1 independent natural gas producer, signed a cooperation agreement for 2006-2010, the companies said in a joint press release Thursday.

Under the document, Itera will help Gazprom expand and modernize the gas giant's single supply system in compliance with a general plan for the gas sector's development until 2030.

"Gazprom and Itera will join efforts to draft and implement a project for the joint creation of infrastructure to transport gas condensate from jointly developed gas fields to end consumers," the statement said.

Gazprom and Itera will also set up joint gas and petrochemical facilities, the statement said.

Under the cooperation agreement, Itera will sell part of its gas to Gazprom on agreed terms and provide the gas giant's refining facilities with raw materials.

The companies will also work together on the social and economic development of regions and on improving the environment, the statement said.

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