RIA Novosti cited Mr Alexei Miller CEO of Gazprom as saying that the company plans to develop the Kovykta gas condensate deposit in East Siberia will be implemented.

He said that "This is a large gas project and no matter what it will be carried out by Gazprom. The only question is the timeframe within which it will be implemented."

Under an agreement signed in 2007, Gazprom is to buy a 62.8% stake in RUSIA Petroleum, the Kovykta operator owned by the Russian-British joint venture TNK-BP. The deposit's reserves are estimated at 2 trillion cubic meters of natural gas, 2.3 billion cubic meters of helium and 115 million tonnes of gas condensate.

It was earlier reported that TNK-BP's stake in Kovykta could be resold to state run gas company Rosneftegaz which controls Rosneft on behalf of the state, rather than to Gazprom.

Mr Miller said that no such talks were under way.

(Sourced from RIA Novosti)