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    Gazprom & EDF Team Up on Gas Power Generation

Summary

Gazprom has today signed a cooperation agreement with French electricity company EDF to jointly build and acquire gas-fired power plants in Europe.

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Natural Gas & LNG News, Gas to Power

Gazprom & EDF Team Up on Gas Power Generation

Gazprom has today signed a cooperation agreement with French electricity company EDF to jointly build and acquire gas-fired power plants in Europe.

As part of this agreement, Gazprom will be the exclusive gas supplier to all joint-owned gas-fired power plants, both those newly constructed by the two companies and those existing plants that the two will acquire.

Through the agreement the parties' will aim to find and select potential projects and assets, economically evaluate those and prepare a final investment decision (FID) in due course.

The deal was signed today between CEO of Gazprom, Alexey Miller and Chairman and CEO of EDF, Henri Proglio, following a working meeting at the St. Petersburg Economic Forum in Russia.

In a statement after the signing, Alexey Miller said the cooperation agreement would help to strengthen Russian-European relations.

"I am confident that joint efforts in this strategically important area will significantly contribute to the strengthening of the energy dialogue between Russia and Europe," he said. 

Henri Proglio said the agreement further deepened EDF's relationship with Gazprom.

"This Agreement is part of the ongoing collaboration between EDF and Gazprom, which began in November 2009, within the areas of gas and electricity, the first real implementation of which was EDF's involvement in the offshore section of the South Stream gas pipeline project..." he said.

"EDF aims at building strong partnerships with worldwide major energy players."