OREANDA-NEWS. Alexander Medvedev, Deputy Chairman of the Management Committee, Gazprom, James Dupree, Executive Vice President, BP Group, Robert Dudley, President and Chief Executive Officer, TNK-BP, and ViktorF.Vekselberg, Executive Director, Gas Development, TNK-BP today entered into an Agreement on the major terms.

Pursuant to the Agreement, TNK-BP will sell Gazprom a 62,8 per cent stake in Rusia Petroleum, which is the license holder for the Kovykta field, as well as a 50 per cent stake in East Siberian Gas Company, which is implementing a regional gasification project for the Irkutsk Oblast. The deal value will be fixed at a current market price within a 90 day period.

Gazprom and TNK-BP also agreed on a call-option for TNK-BP to buy back a 25 per cent plus one share stake in the Kovykta project. The option could be exercised after the parties to the Agreement have agreed on a project to be executed within the alliance, or have approved an asset swap.