GAZPROM & OMV AGREEMENT
Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV AG, signed in St. Petersburg a number of documents aimed at further developing the strategic cooperation between the companies.
The signing ceremony was held in the presence of Alexander Novak, Minister of Energy of the Russian Federation, Hans Joerg Schelling, Minister of Finance of Austria, and Suhail Al Mazrouei, Minister of Energy of the United Arab Emirates.
The following documents were signed:
- the second Term Sheet regarding the asset swap. The document specifies, inter alia, the assets to be provided by OMV;
- the Agreement for oil supply to OMV from Gazprom Group's portfolio. In accordance with the document, Gazprom will sell REBCO grade oil to OMV in the course of 2016 on FOB (free on board) terms. In addition, as agreed by the parties, OMV may be supplied with SILCO grade oil;
- the Agreement for scientific & technical cooperation and partnership. The document outlines the main areas of scientific & technical collaboration, including gas production, transportation, processing, underground storage and sales, process safety, information security, energy efficiency, and environmental protection. Furthermore, the companies will interact in the field of R&D management;
- the Memorandum of Understanding on cultural cooperation. At the initial stage, the document provides for, among other things, organizing a music festival in St. Petersburg and Vienna.
"Today, we signed a number of important documents aimed at further advancing the dialogue with our strategic partner OMV. Our relationship is no longer limited to business. By consistently enhancing our cooperation, we are moving toward our ambitious goals – increasing the supplies of Russian oil and gas to Europe and developing the scientific and technical potential of our companies," Alexey Miller said.
"Our 48-year partnership with Gazprom has a strong economic foundation. The documents signed today constitute a crucial step toward even closer cooperation in the future. I am especially pleased to highlight the Russian-Austrian cultural exchange process that we are launching today. As the world faces more and more conflicts, it is time to build collaboration that goes beyond business and expands cultural and spiritual connections," Rainer Seele said.
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BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.
OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.