Gazprom and OMV sign asset swap agreement

Chairman of the Gazprom Management Committee, Alexey Miller, and Rainer Seele, Chairman of the OMV Executive Board, have signed an agreement on the terms and conditions of a possible asset swap.

Subject to the deal, OMV will acquire a 24.98% stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoy field.

Steele commented: “This agreement is another step closer to the cooperation with Gazprom along the entire value chain. We purchase Russian gas for our European customers. Together we can contribute to the security of supply by implementing the Nord Stream II project. In addition, right now we are broadening our trust-based partnership for producing natural gas in Siberia.”

“For many decades Gazprom and OMV have been in a constructive dialogue covering a lot of activities. The agreement signed today starts a new stage of the cooperation. We are ready to apply all the accumulated experience to make our partnership successful,” said Miller.

Edited from press release by Angharad Lock

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07092015/gazprom-and-omv-sign-asset-swap-agreement-1250/