Gazprom and OMV are working on new long-term business projects

June 18, 2015 - 01:15 pm (CEST)
Evaluation of an OMV participation in

• the project of development of Areas IV and V of the Achimov formation of the Urengoy field and
• the extension of Nord Stream pipeline

Today in St. Petersburg, a working meeting has been held between the Chairman of the Management Committee of OAO Gazprom, Alexey Miller, and OMV Executive Board member, Manfred Leitner.

During the meeting a non-binding Memorandum of Understanding between Gazprom and OMV on further long-term business projects was signed. The parties agreed in the Memorandum to evaluate a possible participation of OMV in the project of development of Areas IV and V of the Achimov formation of the Urengoy oil, gas and condensate field in Russia based on a possible exchange of assets.

The Memorandum also sets forth the intentions of the parties to examine a possible cooperation in the project of construction of two lines in addition to the already existing Nord Stream pipeline.

Please note that further details on the Memorandum of Understanding are subject to confidentiality.