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Gazprom and OMV signed Memorandum of Understanding on oil supply

October 23, 2015 - 1:50 pm (CEST)

Vienna hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Rainer Seele, Chairman of the OMV Executive Board. The parties discussed the cooperation on Nord Stream 2 and a potential asset swap.

During the meeting Alexey Miller and Rainer Seele signed a Memorandum of Understanding on oil supply. The document reflects the parties´  intent to consider a possibility of oil supply to OMV from Gazprom Group portfolio.

Background
OMV is a major partner of Gazprom in Austria. On September 4, 2015, Gazprom, E.ON, OMV, Shell and ENGIE inked the Shareholders Agreement to construct the Nord Stream II gas pipeline system with the capacity of 55 billion cubic meters of gas a year from Russia to Germany across the Baltic Sea. Also on September 4, 2015, Gazprom and OMV signed the Agreement on main terms and conditions of an asset swap. Subject to the swap deal, OMV will acquire a 24.98 per cent stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoy oil, gas and condensate field in exchange for Gazprom's participation in OMV assets. In 2014 Gazprom sold 4.2 billion cubic meters of natural gas in Austria.