Gazprom, Russian gas giant, is planning to sign product sharing agreement on development of gas condensate deposit in Ustyurt region with Uzbekneftegaz in 2007, Eduar Shevchenko, deputy director-general of Zarubejneftegaz (subsidiary of Gazprom) said.

Shevchenko said the Russian side is hoping that the PSA will be signed this year, and may be in the first half of 2007. He said there are some positions, which the sides should agree.

Uzbekneftegaz and Gazprom signed agreement on strategic cooperation in December 2002, which envisages long-term gas purchases for 2003-2012, participation of Gazprom in projects on gas production, cooperation in gas transportation infrastructure, etc.

The sides signed agreement on main principles of geological study of investment blocks in Usyurt on 25 January 2006.