21　September, 2005

Gazprom, ITOCHU and Mitsui O.S.K. Lines sign on for Joint Study on LNG transportation from Shtokman

Tokyo-21 September 2005: Russian state-owned gas monopoly, Gazprom, who is the biggest natural gas producer in the world, ITOCHU Corporation ("ITOCHU") and Mitsui O.S.K. Lines ("MOL") signed on Memorandum of Understanding ("MOU") for joint study on LNG transportation from Shtokman gas field.

Gazprom plans to start exporting LNG to Europe and North America by 2010 where exist high potential demand of natural gas and is rushing to develop a giant gas field in Barents sea, Shtokman gas field located 550 km offshore from Murmansk (proved reserve: 3.2 trillion cbm).

Aiming for participating in LNG transportation business in Russia, ITOCHU and MOL have approached Gazprom from a few years ago and submitted a private study report. This report and a visit of Mr. Ananenkov, Deputy Chairman of the Board of Gazprom, to ITOCHU at this April, pushed us into signing of MOU. ITOCHU and MOL start joint study with Gazprom on LNG transportation from Russia and contribute to Gazprom's LNG shipping in their plan of LNG export to Europe and North America.

[Remark]
ITOCHU is expanding and promoting its business in Russia from the age of the former Soviet Union, such as development projects of natural resource in Sakhalin and pipeline projects.

As a leading company of LNG shipping, which is capable of further growth, MOL has engaged in international LNG shipping and produced excellent results in the world.
In addition, MOL recently opened its representative offices in Moscow and Vladivostok in this June.

Gazprom has strategy to expand its LNG export to Europe and North America and is expected to secure, and expand its LNG fleet.