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OMV and Gazprom reach agreement on amendment to gas supply contract

January 28, 2015 - 01:00 pm (CET)

  • OAO Gazprom and OMV sign amendment for gas supplies
  • Key step for continuation of reliable gas supplies to Austria

In view of strengthening their longstanding partnership OAO Gazprom and OMV (through its subsidiary EconGas) have agreed today on an amendment for the existing gas supply contract. The long-term contract has thereby been placed on a new footing that reflects changing market conditions.

The amendment to the contract has been signed today in Vienna by Alexander Medvedev, Gazprom Deputy Chairman of the Management Committee, and OMV CEO Gerhard Roiss. Both parties have agreed not to disclose the contract details.

OMV CEO Gerhard Roiss: "Today, Gazprom and OMV have taken an important step to secure long-term gas supplies to Austria. When signing the document, both partners also underlined the role of Baumgarten as an essential hub for Russian gas exports."

OMV is a well-established European import partner to Gazprom and Austria has received natural gas from Russia since 1968. The party of the amendment contract for the Russian natural gas is OMV subsidiary EconGas, in which OMV holds a 64.25% stake.

Background information:

OMV Aktiengesellschaft
With Group sales of EUR 42.41 bn and a workforce of around 27,000 employees in 2013, OMV Aktiengesellschaft is Austria’s largest listed industrial company. The Exploration and Production business segment has a strong base in Romania and Austria and a growing international portfolio. 2013 daily production stood at approx. 288,000 boe/d. In Gas and Power, OMV sold approximately 425 TWh of gas in 2013. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany with a capacity of 2.6 bcm. In Refining and Marketing, OMV has an annual refining capacity of 17.4 mn tonnes and as of the end of 2013 approximately 4,200 filling stations in 11 countries including Turkey.