2020-03-09 14:45:00
GAZPROM, OMV NEGOTIATIONS
GAZPROM - March 6, 2020 - Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, today signed in St. Petersburg the Contract on the amendments to the Basic Agreement on Asset Sale.
Under said Contract the parties have agreed, inter alia, to extend until June 2022 the negotiations for the final agreement on the deal.
During the working meeting, Alexey Miller and Rainer Seele discussed ongoing cooperation and noted, among other things, a considerable increase in Gazprom's gas supplies to OMV in 2019 and in January-February 2020.
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Background
OMV AG is Gazprom's main partner in Austria. The companies cooperate in gas production, transportation and supplies.
On October 3, 2018, Gazprom and OMV signed the Basic Agreement on Asset Sale. In accordance with the document, OMV will obtain a 24.98 per cent stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field. As a result, the Gazprom Group's stake in the project will decrease to 50.01 per cent, while Wintershall Dea GmbH will retain its share of 25.01 per cent.
In June 2018, an Agreement was signed to extend until 2040 the existing contract between Gazprom Export and OMV Gas Marketing & Trading GmbH for Russian gas supplies to Austria.
In 2019, Gazprom supplied to Austria 14.1 billion cubic meters of gas.
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Earlier:
2020, March, 6, 12:20:00
NORD STREAM 2 EXTENSION
Construction works on the 55 Bcm/year Russian Nord Stream 2 pipeline linking Russia to Germany via the Baltic Sea were abruptly interrupted in late December after the US government implemented new sanctions threatening measures against contractors building the project.
2020, March, 4, 09:30:00
RUSSIA, BULGARIA GAS PRICE DOWN 40%
Bulgaria imports 2.9 billion cubic meters of gas from Russia per year under a long-term contract valid through 2022.
