Gazprom moves on Yamal development

MOSCOW, Dec. 17 (UPI) -- Energy monopoly Gazprom signed a six-year deal with the Russian nuclear regulatory agency to develop offshore natural resources, documents show.

Gazprom chief Alexei Miller signed the deal with Sergei Kiriyenko, the director general of the regulatory Rosatom Nuclear Energy State Corp., to explore offshore reserves in the far northern Yamal Peninsula, the financial reporting agency of Georgia said.

Kiriyenko briefly served as the Russian prime minister in 1998 under President Boris Yeltsin as one of the "young reformers" who tried to improve the Russian economy.

The deal also includes plans to develop new technology to increase efficiency in the natural gas sector as well as transportation arteries for exports to Western European and Asian markets.

"The cooperation of Gazprom and Rosatom ensures a high level of innovations for the joint projects implementation and enables to successfully resolve the issues of import substitution," said Miller.

Gazprom is facing a decline in its 2009 revenue forecast of as much as $20 billion amid the world economic turmoil.

Board officials at their Dec. 23 meeting are expected to consider courting foreign investors to help finance major investment projects.