Shtokman Faces Another Delay

The Shtokman project will once again face a delay, Deputy Chief Executive of Gazprom Alexander Medvedev has said today.

Talking to journalists, Mr. Medvedev confirmed suspicions that changes to the project would once again see activity stalled.

"Unfortunately there will be a slight delay," Reuters news agency reports Mr. Medvedev as saying today. 

The news of the delay comes a day after Chief Executive of Gazprom Alexey Miller announced that changes to the project and its consortium would be discussed at the St. Petersburg International Economic Forum, an annual forum which is due to begin tomorrow and end on Friday.

"At the St. Petersburg forum we will hold final discussions with our international partners regarding the Shtokman project," he said. "The discussions will generate new agreements, which will replace the old ones, which are only in effect until July 1."

The delay is just one in a series of delays that has faced the project in recent years, with uncertainties surrounding the financial aspects and stakeholder involvement in the project.

24 per cent stakeholder Statoil has in recent times been rumoured to be exiting the project, a move which it has so far denied.

Gazprom is the operator of the Shtokman Development AG consortium with a 51 per cent stake. Total holds the remaining stake at 25 per cent.