Shtokman's Board reaffirmes progress in preparation for final investment decision
The regular meeting of the Board of Directors of the Shtokman Development AG (SDAG) was held in Lucerne (Switzerland) on June 23, 2011. The Board of Directors made note of the good progress in activities on offshore and onshore facilities in preparation for the Final Investment Decision planned by the end of 2011, the Company's press release said.
The Board of Directors has confirmed the necessity to continue the dialogue with the Russian Federation state authorities at all levels so as to obtain a favorable economic environment for the Project, including taxation issues, and expressed support to the efforts made by shareholders and SDAG in this field. State support of the Project is one of the prerequisites for its successful implementation.
“Today we can state that the Project preparation phase is at the final stage. The Shareholders appraised past year activity of SDAG, and are confident that the Company is capable of achieving its objectives remaining prior to the adoption of the final investment decision”, - underlined Alexei Miller, President of the SDAG Board of Directors, Chairman of the Management Committee of Gazprom.
The Board of Directors has confirmed the necessity to continue the dialogue with the Russian Federation state authorities at all levels so as to obtain a favorable economic environment for the Project, including taxation issues, and expressed support to the efforts made by shareholders and SDAG in this field. State support of the Project is one of the prerequisites for its successful implementation.
“Today we can state that the Project preparation phase is at the final stage. The Shareholders appraised past year activity of SDAG, and are confident that the Company is capable of achieving its objectives remaining prior to the adoption of the final investment decision”, - underlined Alexei Miller, President of the SDAG Board of Directors, Chairman of the Management Committee of Gazprom.
Shtokman Development AG is a joint project created by three industry leaders — Gazprom (51%), Total S.A. (25%) and Statoil ASA (24%). A powerful consortium such as this will guarantee application of the best technology, the highest safety standards, and the most effective corporate management.
The company will be the owner and operator of the project infrastructure during Phase 1 — for a period of 25 years from the start of field production.
Shtokman field production is scheduled to begin in 2016. The LNG Plant is scheduled to be commissioned in 2017.
The company will be the owner and operator of the project infrastructure during Phase 1 — for a period of 25 years from the start of field production.
Shtokman field production is scheduled to begin in 2016. The LNG Plant is scheduled to be commissioned in 2017.