Holmwood Consulting Limited is very pleased to have been able to mentor and assist Ms. Polina Zhuravleva during her MSc thesis entitled "The Nature of LNG Arbitrage, and an Analysis of the Main Barriers for the Growth of the Global LNG Arbitrage Market ". This excellent piece of work has earned Polina a Distinction from the Mainz University of Applied Science/ LSBU UK. This paper has also won the US Association for Energy economics (USAEE)/ International Association for Energy Economics (IAEE) Student Paper Award and the chance for her to present this as a formal presentation at the 32nd Annual IAEE Conference to be held in San Francisco, USA for 2009. Many congratulations!

Polina has kindly given permission to attach this summary of her thesis . She is now actively seeking employment in the commercial/ trading area of the LNG industry with major players and we would be pleased to put interested parties in direct contact.