Demand for Russian gas in Austria growing further

Jun 10, 2016 12:00 AM

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV AG, took place in St. Petersburg on Friday June 10.

The parties focused on Russian gas exports to Austria. It was noted that gas exports had increased by 11.5 per cent in 2015 against 2014. The demand for Gazprom's gas in Austria continues to grow in 2016. According to estimates, the Company supplied 19.8 per cent more gas to Austria from January 1 through June 9 of this year than in the same period of 2015.

It was emphasized that the Nord Stream 2 project was running on schedule.

In addition, Alexey Miller and Rainer Seele discussed the asset swap.

Background
On September 4, 2015, Gazprom, BASF|Wintershall, ENGIE, OMV, Shell, and Uniper inked the Shareholders Agreement to construct the Nord Stream 2 gas pipeline system with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.

On September 4, 2015, Gazprom and OMV signed the Term Sheet regarding an asset swap. If the deal is completed, OMV will acquire a 24.98 per cent stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoyskoye field in exchange for Gazprom's participation in OMV assets.

On April 1, 2016, Gazprom and OMV signed the second Term Sheet regarding the asset swap. The document specifies, inter alia, the assets to be provided by OMV.

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