September 4, 2015 - 7:00 am (CEST)
- Term Sheet signed regarding participation in Upstream project in Russia
- Together with Nord Stream 2 agreement important step in cooperation with Gazprom
Today in Vladivostock, a working meeting has been held between the Chairman of the Gazprom Management Committee, Alexey Miller, and OMV CEO Rainer Seele.
During the meeting, a Term Sheet was signed regarding long-term business projects between Gazprom and OMV. The parties agreed to a timetable and principles for exclusive negotiations regarding OMV’s participation in the development of Areas IV and V of the Achimov formation of the Urengoy oil, gas and condensate field in Russia based on an exchange of assets. If the deal is concluded, OMV will acquire a 24.98 per cent stake in the project in exchange for a participation in assets of OMV.
The Term Sheet was signed at the same occasion as the multi-party Shareholder Agreement for Nord Stream 2. These agreements mark a significant step forward in realization of the long term business projects envisaged in the Memorandum of Understanding signed between the two companies on June 18, 2015.
OMV CEO, Rainer Seele: "This agreement is another step towards cooperation along the entire value chain with Gazprom. We are importing gas from Russia for our European customers. We are investing together into the security of supply realizing the Nord Stream 2 project and we are now extending our trustful partnership towards the production of natural gas in Siberia."
All further details of the Term Sheet are subject to confidentiality provisions.
With Group sales of EUR 36 bn and a workforce of around 25,500 employees in 2014, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio. 2014 daily production stood at approximately 309,000 boe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 4,100 filling stations in 11 countries as of end of 2014. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2014, gas sales volumes amounted to 114 TWh.