Russia's gas monopoly Gazprom plans to create an international consortium to supply the U.S. market with liquefied natural gas in 2005, a top executive of Gazprom said Saturday.
Gazprom Deputy CEO Alexander Ryazanov said that the company could miss the opportunity to supply energy-hungry North America if a Barents Sea LNG project was further delayed.
"We need to hurry," he said. "If the consortium isn't finalized by midyear, then we won't make it."
Gazprom has already signed memorandums with ChevronTexaco Corp., ConocoPhillips, Exxon Mobil Corp., two Norwegian companies Norsk Hydro and Statoil and others on LNG production from the Shtokman field, which is 600 kilometers (373 miles) from the coast and holds 3.2 trillion cubic meters (113 trillion cubic feet) of gas reserves.
Ryazanov said the consortium will consist of Gazprom with a controlling stake as well as two or three other companies. Gazprom wants the foreign partners to finance part of its project obligations, he added.
