OMV and Gazprom sign agreement for gas supplies

In view of strengthening their longstanding partnership, OAO Gazprom and OMV (through its subsidiary EconGas) have agreed 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 Chief Executive Officer Gerhard Roiss. Both parties have agreed not to disclose the contract details.

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 underlines 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.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/28012015/omv-and-gazprom-sign-agreement-for-gas-supplies/