UPDATE: Gazprom CEO: Interested In BP's Stake In Shah Deniz

25th Jun 2010 16:14

(Adds more comment from CEO) By Jacob Gronholt-Pedersen and Alexander Kolyandr Of DOW JONES NEWSWIRES MOSCOW (Dow Jones)--Russian natural-gas monopoly OAO Gazprom (GAZP.RS) is interested in buying U.K. energy giant BP PLC's (BP) stake in Shah Deniz field in the Caspian Sea, if the stake is offered for sale, Gazprom's Chief Executive Alexei Miller said Friday. "Entering into an upstream project [in Azerbaijan] would be an interesting option for us. We haven't received any proposal to enter into this project [Shah Deniz], but if we get any proposal, we will look at it," said Miller after Gazprom's annual meeting of shareholders. BP has a 25.5% stake in Shah Deniz, which is the largest natural gas field in Azerbaijan. Gazprom has already agreed to buy 2 billion cubic meters of gas annually from the field, but Friday Miller said that the company would be interested in buying all Azeri gas. BP's spokesman in Moscow declined to comment on whether the company would sell its stake. On Russia-based projects, Miller said that Gazprom and privately-owned natural gas producer OAO Novatek (NVTK.RS) will draw up a short-list of international partners for the Yamal liquefied natural gas project by the end of 2010. The project itself might be launched in 2016-2018, he added. Miller told the company's shareholders that Gazprom plans to reach a production level of 565.5 bcm of gas in 2013 which is above the pre-crisis level of 2008. Miller also said Gazprom isn't interested in developing shale gas in the U.S. Miller said Gazprom is ready to contribute an upstream asset in Russia to a joint venture with Ukraine's gas monopoly Naftogaz, should such a venture appear. "We are discussing a possible set of assets from each of the parties to create a joint venture on a parity basis, as the first phase of the merger", Miller said at the AGM. -By Jacob Gronholt-Pedersen and Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9197; [email protected] (END) Dow Jones Newswires June 25, 2010 11:14 ET (15:14 GMT)