Russia’s Gazprom and Austria’s OMV introduce asset sale deal amendments

Gazprom Chairman CEO Alexey Miller and OMV Chairman Rainer Seele signed on 6 March in St Petersburg the contract on the amendments to the Basic Agreement on Asset Sale, the Russian gas monopoly said.
Under said contract the Russian and Austrian companies have agreed, inter alia, to extend until June 2022 the negotiations for the final agreement on the deal.
According to Gazprom, during the working meeting, Miller and 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. In 2019, Gazprom supplied to Austria 14.1 billion cubic metres of gas.
OMV is Gazprom’s main partner in Austria. The companies cooperate in gas production, transportation and supplies.
On 3 October 2018, Gazprom and OMV signed the Basic Agreement on Asset Sale. In accordance with the document, OMV will obtain a 24.98% 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%, while Wintershall Dea will retain its share of 25.01%.
In June 2018, an Agreement was signed to extend until 2040 the existing contract between Gazprom Export and OMV Gas Marketing & Trading for Russian gas supplies to Austria.