Alexey Miller, Chairman of the Gazprom Management Committee, and Artyom Obolensky, Director General of RusGazDobycha, today signed at the St. Petersburg International Economic Forum 2016 a Term Sheet regarding the joint project for the development of the Parusovoye, Severo-Parusovoye, and Semakovskoye fields located in the Yamal-Nenets Autonomous Area.

The Term Sheet outlines the general principles and basic terms of cooperation between the parties, including the procedure for making a final investment decision in respect of the project implementation, and the approaches to hydrocarbon pricing and project financing.

Specifically, it is planned in the preparatory phase to establish a project company that would develop the investment rationale for constructing field facilities and transport infrastructure, conduct surveys, and prepare the project documentation. Based on the results of these works, a decision will be taken concerning the feasibility of the project.