Transcript of the beginning of the meeting:

Vladimir Putin: Mr Kramer, I am very pleased to see you here in Moscow. I'm happy to meet one of Russia's partners and the head of one of the shareholders in the Nord Stream project. During my recent trip to Helsinki I met with my Baltic counterparts, heads of state and government. I naturally used the opportunity to tell them how much Nord Stream shareholders are doing to protect the environment and preserve Baltic Sea resources. I think it was important to inform my colleagues because we are now entering the final stage of the project.

In April, we will begin working on the offshore pipeline section. The pipeline is to be entirely finished in a year, by May 2011, including both the offshore sections and the onshore links in Germany and Russia. Gas transit should begin in September.

Tests will begin in summer 2011 when the first gas will be pumped into the system. This will be done to ensure that our customers can access their commercial gas deliveries in September, as planned. Your company has vast experience in using pipeline systems, including offshore pipelines.

In addition, we have agreements to cooperate in gas distribution to European consumers. Under these agreements, we will be able to use your gas facilities, including storage tanks, to level out peak traffic in winter.

I rely on our cooperation under this project and I am confident that it will benefit European energy consumers as much as our two companies.

Marcel Kramer (as translated): Mr Prime Minister, first of all, I would like to say how happy we are to join this important project, Nord Stream. We are also greatly impressed by the progress that has been made on the project. We are happy to see our partnership grow, and are willing to make any possible contribution to the  successful development of the project.

I heard you emphasize, in Helsinki, the importance of security and environmental safety of supplies of energy resources, such as natural gas, to European countries. We certainly support this approach and think it important to make efforts to encourage international cooperation for this purpose, between companies and between governments.

Nord Stream, is obviously an important step toward this goal, but it should not be the only effort to meet the interests of suppliers and customers - consumers of energy resources. We are very much impressed by the steps you are making to promote this progress, and especially by your work on the South Stream project.