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Thursday, August 17, 2006

Gazprom registers subsidiary in U.S.

UPI: Russia's state-controlled group Gazprom has registered a subsidiary, Gazprom Marketing & Trading United States, in Houston to deliver liquefied natural gas supplies and purchase regasification terminals, according to a Russian industry report.

Gazprom, the world's largest gas company, began swapping gas deliveries to the United States in 2005. The company wants to begin supplying direct LNG deliveries from its $20 billion LNG development Shtokman project in the Barents Sea as it seeks to gain 20 percent of the U.S. market, which may grow from 18 billion cubic meters in 2005, to 40 billion to 50 billion cubic meters by 2010.

The natural gas behemoth already expanded to other Western markets, namely its British branch, Gazprom Marketing & Trading Ltd.

The new company is in the process of working out marketing schemes of LNG and natural gas shipments to the United States as it looks to secure a long-term relationship with the United States.

John Hattenberger, who helped form Gazprom Marketing & Trading, became its managing director. He said LNG marketing "is not the kind of business where we could operate on our own, we are establishing partnership with a number of major players in this field."

Since Shell and BP are leading much of the U.S. LNG market, Gazprom is holding talks with various company representatives and Canadian Sempra, which controls gas-distributing networks and four terminals.
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