Gazprom to Open Representative Office in Brazil

10.10.2008 (17:39)

The board of directors of Gazprom has given the go-ahead to open a representative office in Rio de Janeiro.

The office's main mission will be developing Gazprom operations in Latin America, Gazprom reported.

Beginning in 2006, Gazprom has stepped up operations to diversify its resource base and expand its presence abroad in the upstream segment. Latin America has been designated a priority region.

Gazprom signed a memorandum of understanding with Petroleo Brasileiro SA Petrobras) in February 2007 on implementation of joint oil and gas projects. The agreement listed the three main areas of cooperation: liquefied natural gas, underground gas storage and optimization of the gas transportation system. The agreement also covers cooperation in development of offshore fields.

Gazprom is also in talks on a host of projects in Venezuela. In addition, it has discussed the possibility of receiving exploration licenses in Bolivia, Interfax reports.

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