MOSCOW, November 1 (RIA Novosti) - The chief executives of Russian natural gas monopoly Gazprom and Canadian hydrocarbon giant Petro-Canada met in the Russian capital Tuesday to discuss the possibility of supplying liquefied natural gas (LNG) from Russia to markets in North America, Gazprom said in a press release.
Gazprom CEO Alexei Miller and Petro-Canada's Ron Brenneman reviewed preliminary results of a joint feasibility study on a project to build an LNG facility outside St. Petersburg and considered progress in implementing their Memorandum of Understanding, which provides for the delivery of Russian LNG to North America.
Petro-Canada is the country's largest oil and natural gas company, operating both at home and overseas. It explores, develops, and recovers hydrocarbon reserves in northwestern Europe, northern Africa, the Middle East, and Latin America.
Gazprom plans to launch swap supplies of LNG to North America before the end of the year. It will continue such supplies on the basis of mid-term contracts with American companies in 2006-2009, after which it will begin direct supplies to the U.S. under long-term contracts.