Norsk Hydro is close to signing a Memorandum of Understanding with Russian gas monopoly Gazprom
Norsk Hydro is close to signing a Memorandum of Understanding with Russian gas monopoly Gazprom for potential participation in Gazprom?s 3.2-trillion-cubic-meter Shtokman natural gas field.
Gazprom has already signed MOUs with US oil firms ExxonMobil, ChevronTexaco, Anglo-Dutch Royal Dutch/Shell and Norwegian company Statoil.
Gazprom CEO Alexei Miller then said Hydro's technical expertise gained as development operator on the Ormen Lange project in the North Sea and the potential it to reduce project costs by 30% were attractive to his company.
Hydro Chief Executive Officer Eivind Reiten was due to meet with Miller several days ago to sign the MOU, but the meeting was canceled at the last minute.
A Norsk Hydro spokeswoman said Hydro has been working closely with Russian oil companies for 15 years, but wouldn't comment on any specifics.
